Extensions to Day 60
The Panel will normally only extend Day 60 beyond the 60th day following the publication of the initial offer document:
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if a competing firm offer has been announced (see Note 1); or
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if the board of the offeree company consents to an extension; or
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as provided for in Rule 31.4; or
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as provided for in Rule 31.8; or
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if the offeror’s receiving agent requests an extension for the purpose of complying with Note 7 on Rule 10.1.
NOTES ON RULE 31.3
Timetable for competing firm offers
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If a competing firm offer has been announced, Day 60 for both offerors will normally set by reference to the publication of the later offer document. In addition, the Panel may extend Day 60 to allow for any auction procedure under Rule 32.5.
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If the offer timetable is suspended under Rule 31.4, Day 60 will be reset when the timetable is resumed in accordance with the Note on Rule 31.4.
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If an offeror proceeding by way of a contractual offer is in competition with an offeror proceeding by way of a scheme of arrangement, see Note 2 on Rule 32.5.
Day 46
If the Panel extends Day 60 after Day 46 has passed, the offeror will normally be able to revise its offer by no later than the new Day 46, provided that it is not prevented from doing so by the terms of an acceleration statement or a no increase statement.
The Panel will not normally extend Day 60 under Rule 31.3(b) after Day 46 has passed where competing offers have been made.