Shearman & Sterling LLP
Issue link: https://digital.shearman.com/i/1494420
Rule Of Six • Takeover Code restricts bidders from extending discussions beyond a "very restricted number of people" • Limits number of live discussions with third parties to six (groups of) persons • Takeover Panel can grant permission to extend beyond six groups of persons, but consent will only be given in limited circumstances • Early consultation with Takeover Panel is recommended • Rule of Six is a separate and distinct concept to "Concert Parties". Concert Parties are persons whom the Code treats as being connected with one another and treated as a single person for the purposes of the Takeover Code rules