City Code on Takeovers and Mergers

Contents

• Rule 3, Who may advise shareholders on offers or approaches
• Rule 6, Acquisitions requiring offer of a minimum level of consideration
• Rule 9, When a mandatory offer is required, and who is responsible to make it
• Rule 10, Offer can be declared unconditional once the Offeror holds 50+% of voting shares of the Offeree
• Rule 11, When cash or securities are required as the offer
• Rule 14, Where there's more than one share capital class
• Rule 16, Special deals with favourable conditions
• Rule 21, Actions that could have the effect of frustrating a takeover bid require shareholder approval
• Rule 21.3, Information provided by the Board of Offeree to the recommended Offeror must be available to a competing Offeror
• Rule 31.4, Offer to remain open for 14 days after unconditional as to acceptances
• Rule 32.3, If the offer is revised all shareholders are entitled to reconsider
• Rule 33.2, Shutting off cash underwritten alternatives
• Rule 36, For partial offers, the panel's consent is required
• Rule 37, Regulating a company's purchase of own securities

  Links

• Rule 3 adviser
• Designated Professional Body