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Practice Statement 10. Cash offers financed by the issue of offeror securities

Practice Statements

Under Rule 2.7(a) of the Takeover Code, an offeror should announce a firm intention to make an offer only when it has every reason to believe that it can and will continue to be able to implement the…

Practice Statement 11. Working capital requirements in cash and securities exchange offers

Practice Statements

From time to time, the Panel Executive is consulted by potential offerors about the acceptability of offer conditions relating to the working capital requirements of the enlarged offeror group after t…

Practice Statement 20. Rule 2 – Secrecy, possible offer announcements and pre-announcement responsibilities

Practice Statements

Introduction This Practice Statement describes the way in which the Panel Executive normally interprets and applies certain provisions of Rule 2 that relate to the need for secrecy before, and the tim…

Practice Statement 22. Irrevocable commitments, concert parties and related matters

Practice Statements

Introduction This Practice Statement describes the way in which the Panel Executive normally interprets and applies certain provisions of the Takeover Code to irrevocable commitments to accept an offe…

Practice Statement 28. Rules 2.8 and 35.1 – Entering into talks during a restricted period

Practice Statements

Introduction This Practice Statement explains the Panel Executive’s practice with regard to consenting to a person who is subject to the restrictions set out in Rule 2.8 or Rule 35.1 making a single c…

Practice Statement 29. Rule 21.2 – Offer-related arrangements

Practice Statements

Introduction Rule 21.2(a) provides that, except with the consent of the Panel, neither the offeree company nor any person acting in concert with it may enter into an offer-related arrangement with eit…

Practice Statement 31. Formal sale processes, private sale processes, strategic reviews and public searches for potential offerors

Practice Statements

Introduction From time to time, the Executive is consulted in relation to the application of the Code where a company wishes to initiate: a formal sale process; a private sale process; a strategic rev…