Shearman & Sterling LLP
Issue link: https://digital.shearman.com/i/1494420
Syndication 71 • Information sharing with potential lenders is complicated by general Takeover Code principle to treat all shareholders equally • To syndicate during offer period, Practice Statement 25 provides that: • Potential lenders establish effective information barriers between debt-financing and equity investment departments; or • Potential lenders give undertakings that neither they nor any member of their group will acquire shares in the target, other than in certain circumstances • Information barriers: • Personnel • Technology and systems • Ring-fencing of information Public to Private Transactions – What You Need To Know