Shearman & Sterling LLP
Issue link: https://digital.shearman.com/i/1494420
Timetable – Auction Process 62 Public to Private Transactions – What You Need To Know • In the latter stages of competitive situations: • Either default procedure under Takeover Code; or • Alternative procedure agreed to by target and competing bidders • Default procedure: • Daily bidding in transparent manner until a bidder fails to announce revised offer within time specified • Maximum of five rounds of bidding over five business days immediately following Day 46