Companies Act 2006

[F112.(1)Rules must ensure that an offeror must draw up and make public in good time an offer document containing the information necessary to enable the holders of the offeree company’s securities to reach a properly informed decision on the takeover bid.U.K.

(2)Rules must ensure that, before the offer document is made public, the offeror must provide a copy to the Panel.

(3)Rules must ensure that, when the offer document is made public, the boards of directors of the offeree company and of the offeror must communicate it—

(a)to the representatives of their respective employees, or

(b)where there are no such representatives, to the employees themselves.

(4)Rules must ensure that the offer document must state at least—

(a)the terms of the takeover bid,

(b)the identity of the offeror and, where the offeror is a company, the company’s type, name and registered office,

(c)the securities or, where appropriate, the class or classes of securities for which the takeover bid is made,

(d)the consideration offered for each security or class of securities and, in the case of a mandatory takeover bid, the method employed in determining it, with particulars of the way in which that consideration is to be paid,

(e)the compensation offered for the rights which might be removed as a result of a company’s opting-in resolution under Chapter 2, with particulars of the way in which that compensation is to be paid and the method employed in determining it,

(f)the maximum and minimum percentages or quantities of securities which the offeror undertakes to acquire,

(g)details of any existing holdings of the offeror, and of any person acting in concert with the offeror, in the offeree company,

(h)all the conditions to which the takeover bid is subject,

(i)the offeror’s intentions with regard to the future business of the offeree company,

(j)the offeror’s intentions with regard to the safeguarding of the jobs of the employees and management of the offeree company, including any material change in the conditions of employment,

(k)the offeror’s strategic plans for the offeree company, and their likely repercussions on employment and the locations of the company’s places of business,

(l)if the offeror is a company and in so far as it is affected by the takeover bid—

(i)the offeror’s intentions with regard to its future business,

(ii)the offeror’s intentions with regard to the safeguarding of the jobs of its employees and management, including any material change in the conditions of employment, and

(iii)the offeror’s strategic plans for itself, and their likely repercussions on employment and the locations of its places of business,

(m)the time allowed for acceptance of the takeover bid,

(n)where the consideration offered includes securities of any kind, information concerning those securities,

(o)information concerning the financing for the takeover bid,

(p)the identity of persons acting in concert with the offeror or with the offeree company and, in the case of companies, the types, names, registered offices and relationships with the offeror and, where possible, with the offeree company, and

(q)the national law which will govern contracts concluded between the offeror and the holders of the offeree company’s securities as a result of the takeover bid and the competent courts.]