Shearman & Sterling LLP
Issue link: https://digital.shearman.com/i/1494420
Offer Timetable Changes to the Takeover Code 56 • Revised timetable with new key dates for firm offers took effect on 5 July 2021 • Single date (normally Day 60) for satisfaction of all conditions - previously, Day 60 for acceptance condition and Day 81 for other conditions • Withdrawal rights now available from Day 1 until the offer goes unconditional • No longer any special treatment of UK Competition and Markets Authority ('CMA') or EU merger clearance – they are now treated like any other regulatory approval • However, new suspension of timetable process to accommodate regulatory timetables that run longer 60 days • New ways in which to accelerate closing/lapsing of offers – Acceleration Statements and Acceptance Condition Invocation Notices • Longstop Dates for contractual offers (mandatory). LSD for schemes already existed and has not changed • As a scheme is a consensual process with the target, many of the Code's timetable events are not applicable Public to Private Transactions – What You Need To Know