The circular from the target board to target shareholders and persons with information rights advising them on an offer. In a recommended bid, the target board's response is normally contained in the offer document. In a hostile bid, the target board will send a separate circular to its shareholders and persons with information rights containing its opinion on the offer.

The target board circular is required to be sent to shareholders and persons with information rights within 14 days of publication of the offer document (Rule 25.1(a), Takeover Code). Where there is a competing bid or offer, further response documents will normally be sent by the target company board following the publication of the competing bidder's offer document and after any revisions to the offer.

For further information, see Practice notes, Takeovers: overview: documents and The offer timetable.