The Takeover Code

Rule 25. Offeree board circulars

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1. 25.1 The offeree board circular
2. 25.2 Opinion of the offeree board on the offer, including views on the offeror’s plans for the company and its employees
3. 25.3 Financial and other information
4. 25.4 Interests and dealings
5. 25.5 Directors’ service contracts
6. 25.6 Arrangements in relation to dealings
7. 25.7 Other information
8. 25.8 Fees and expenses
9. 25.9 Employee representatives’ opinion and pension scheme trustees’ opinion