Takeover offers: offer procedure and target's response | Practical Law
This note provides an overview of the procedure for making a takeover offer under the Takeovers Code. It outlines full and partial takeover offers, the terms and consideration of the offer, scrip offers, minimum acceptance conditions and other conditions, variation of an offer and offer period activity. It also covers the target company's response, including the directors' duty to act in the company's best interests, exclusivity arrangements and break fees, target company statement, defensive tactics and target company costs.