Rule 3 adviser

An independent adviser, typically an investment bank or firm of accountants, appointed under Rule 3.1 of the Takeover Code ( www.practicallaw.com/0-107-7362) , who must give advice to the board of the target company as to whether the financial terms of any offer (including any alternative offers) are fair and reasonable and whose advice must be made known to shareholders in the offer document ( www.practicallaw.com/5-107-6906) on a recommended bid ( www.practicallaw.com/0-107-7116) or in the target's defence document on a hostile bid ( www.practicallaw.com/8-107-6698) .

{ "siteName" : "PLC", "objType" : "PLC_Doc_C", "objID" : "1247245089000", "objName" : "Rule 3 adviser", "userID" : "2", "objUrl" : "http://us.practicallaw.com/cs/Satellite/us/resource/7-200-5422?q=&qp=&qo=&qe=", "pageType" : "Resource", "academicUserID" : "", "contentAccessed" : "true", "analyticsPermCookie" : "23ffa1cfd:14f76dc2bec:38bf", "analyticsSessionCookie" : "23ffa1cfd:14f76dc2bec:38c0", "statisticSensorPath" : "http://analytics.practicallaw.com/sensor/statistic" }