The offeree board circular
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Except with the consent of the Panel, the board of the offeree company must, by no later than Day 14, send a circular to shareholders in the offeree company and persons with information rights, in accordance with Rule 30.2.
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At the same time as the offeree board circular is published, the offeree company must make the circular readily available to its employee representatives (or, where there are no employee representatives, to the employees themselves) and to the trustees of its pension scheme(s).
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In addition, the offeree company must:
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publish the offeree board circular on a website in accordance with Rule 26.1; and
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announce that the offeree board circular has been so published.
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NOTE ON RULE 25.1
Where there is no separate offeree board circular
Where the offeree board circular is combined with the offer document, Rule 25.1 will not apply. However, Rules 25.2 to 25.9 will apply to the combined document.