The offeree board’s opinion and the opinions of the employee representatives and the pension scheme trustees

1. The board of the offeree company must send to the company’s shareholders and persons with information rights a circular containing its opinion on the revised offer as required by Rule 25.1, drawn up in accordance with Rule 25 and Rule 27. In addition, the offeree company must:

   1. publish the circular on a website in accordance with Rule 26.1; and

   2. announce that the circular has been published.

2. When the circular is published, the offeree company must make the circular readily and promptly 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).

3. Where the board of the offeree company receives in good time before publication of its circular on the revised offer:

   1. an opinion from employee representatives on the effects of the revised offer on employment; or

   2. an opinion from the trustees of any of its pension scheme(s) on the effects of the revised offer on the pension scheme(s),

   any such opinion must be appended to the circular. Where any such opinion is received but not in good time before publication of the offeree board circular, the offeree company must promptly publish the opinion on a website and announce via a RIS that it has been so published, provided that it is received no later than 14 days after the date on which the offer becomes or is declared unconditional.