Shearman & Sterling LLP
Issue link: https://digital.shearman.com/i/1494420
Contractual Offer Timetable: Old vs New Timetable 7th Annual Leveraged Finance Academy 57 • An Offeror may bring forward the unconditional date by making an "acceleration statement", in which Case (a) it will be required to waive its regulatory Conditions and (b) requirements which are normally imposed on Days 39 and 53 will not be applied • An offeror which wishes to invoke the acceptance condition prior to the unconditional date may serve an "acceptance condition invocation notice" Key Pre-2021 Code Changes Timetable restarts after suspension Latest unconditional date (1)(2) Long-stop date Publication of other document First closing date Timetable suspension if no decision on phase 2 reference to CMA/EC Latest date for offeree board circular Withdrawal rights run throughout the offer period Minimum acceptance period (provided offer is not subject to an acceptance condition) Timetable suspension for regulatory clearances Latest date for offeree to announce material new information Introduction of withdrawal rights Latest date for offeror to publish revised offer Latest date for potential offeror to clarify its position Latest date for satisfaction of acceptance conditions Latest date for satisfaction of remaining conditions Day 0 Day 14 Day 21 Day 37 Date specified by offeror Day 39 Day 42 Day 46 Day 53 Day 60 Day 81 Day 32