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GLOSSARY

Acceptance condition invocation notice (ACIN) definition

Published by a LexisNexis Corporate expert

What does Acceptance condition invocation notice (ACIN) mean?

A notice published by an offeror in accordance with Rule 31.6 of the Code of its intention to invoke the acceptance condition so as to cause the offer to lapse on a date which is: • on or after Day 21, and • earlier than the unconditional date

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The offer timetable

The offer timetable This Practice Note discusses the offer timetable that applies to takeovers structured as contractual offers. It covers matters such as the 28-day ‘put up or shut up’ regime under Rule 2.6, the Day 0 offer document posting date, the significance of Day 21, Day 39, Day 53 and Day 60 under the City Code on Takeovers and Mergers (Code), as well as offer revisions and the impact of competing offers on the timetable. For a sample offer timetable, see Timetable—recommended offer and Timetable—hostile offer. For a comparative timetable distinguishing between takeovers by way of takeover offer and takeovers by way of scheme of arrangement, see Structuring a takeover: offers and schemes of arrangement—comparative timetables. Legal and regulatory framework After an offeror's announcement of a firm intention to make an offer (Firm Intention Announcement), the timetable will be driven by the requirements of: • the Code, subject to the Panel consenting to or requiring application of the rules of the Code to be modified (eg...

Post-offer restrictions under the Takeover Code

Post-offer restrictions under the Takeover Code In order to effectively and fairly regulate takeovers of public companies, the City Code on Takeovers and Mergers (Code) sets out a very clear timetable for steps to be taken by the offeror and the offeree as the bid progresses from initial announcement through to the final settlement of consideration if the bid is successful. If a potential offeror makes a 'no intention to bid' statement, or a bid made by an offeror lapses, is withdrawn or otherwise fails, it is equally important that the parties clearly know what they may or may not do. It is especially important that the offeree is able to get on with its business without unnecessary uncertainty or further disruption. This is inherent in General Principle 6 of the Code: 'An offeree must not be hindered in the conduct of its affairs for longer than is reasonable by a takeover bid for its securities.' This Practice Note summarises the key restrictions imposed under the...

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Takeover Panel confirms proposed changes to the offer timetable and offer conditions

Corporate analysis: The Takeover Panel (Panel) has published a response statement to its earlier consultation paper on proposed amendments to the Takeover Code (Code) regarding the treatment of offer conditions and the offer timetable.

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