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 on the merits of an offer to the board of the target company 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).

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