The Takeover Code

Rules

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1. Rule 1. The approach Expand + +
2. Rule 2. Secrecy before announcements; the timing and contents of announcements Expand + +
3. Rule 3. Independent advice Expand + +
4. Rule 4. Restrictions on dealings Expand + +
5. Rule 5. Timing restrictions on acquisitions Expand + +
6. Rule 6. Acquisitions resulting in an obligation to offer a minimum level of consideration Expand + +
7. Rule 7. Consequences of certain dealings Expand + +
8. Rule 8. Disclosure of dealings and positions Expand + +
9. Rule 9. The mandatory offer and its terms Expand + +
10. Rule 10. The acceptance condition Expand + +
11. Rule 11. Nature of consideration to be offered Expand + +
12. Rule 12. Long-stop date Expand + +
13. Rule 13. Conditions and pre-conditions to an offer Expand + +
14. Rule 14. Where there is more than one class of share capital Expand + +
15. Rule 15. Convertible securities, options and subscription rights Expand + +
16. Rule 16. Special deals and management incentivisation Expand + +
17. Rule 17. Announcement of acceptance levels Expand + +
18. Rule 18. The use of proxies and other authorities in relation to acceptances Expand + +
19. Rule 19. Information Expand + +
20. Rule 20. Equality of information Expand + +
21. Rule 21. Restrictions on frustrating action Expand + +
22. Rule 22. Registration procedures and identification of persons with interests in securities of 1% or more Expand + +
23. Rule 23. General obligations as to information Expand + +
24. Rule 24. Offeror documents Expand + +
25. Rule 25. Offeree board circulars Expand + +
26. Rule 26. Documents to be published on a website Expand + +
27. Rule 27. Material changes and subsequent documents Expand + +
28. Rule 28. Profit forecasts and quantified financial benefits statements Expand + +
29. Rule 29. Asset valuations Expand + +
30. Rule 30. Distribution of documentation during an offer Expand + +
31. Rule 31. Timing of the offer Expand + +
32. Rule 32. Revision Expand + +
33. Rule 33. Alternative offers Expand + +
34. Rule 34. Right of withdrawal Expand + +
35. Rule 35. Restrictions following offers Expand + +
36. Rule 36. Partial offers Expand + +
37. Rule 37. Redemption or purchase by a company of its own securities Expand + +
38. Rule 38. Dealings by connected exempt principal traders Expand + +