Acceptance condition invocation notice (ACIN) Definition

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GLOSSARY

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What does Acceptance condition invocation notice (ACIN) mean?

A notice published by an offeror in accordance with Rule 31.6 of the Code of its intention to invoke the acceptance condition so as to cause the offer to lapse on a date which is: • on or after Day 21, and • earlier than the unconditional date

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The offer timetable

The offer timetable This Practice Note discusses the offer timetable that applies to takeovers structured as contractual offers. It covers matters such as the 28-day ‘put up or shut up’ regime under Rule 2.6, the Day 0 offer document posting date, the significance of Day 21, Day 39, Day 53 and Day 60 under the City Code on Takeovers and Mergers (Code), as well as offer revisions and the impact of competing offers on the timetable. For a sample offer timetable, see Timetable—recommended offer and Timetable—hostile offer. For a comparative timetable distinguishing between takeovers by way of takeover offer and takeovers by way of scheme of arrangement, see Structuring a takeover: offers and schemes of arrangement—comparative timetables. Legal and regulatory framework After an offeror's announcement of a firm intention to make an offer (Firm Intention Announcement), the timetable will be driven by the requirements of: • the Code, subject to the Panel consenting to or requiring application of the rules of the Code to be modified (eg...

Announcements

Announcements The City Code on Takeovers and Mergers (Code) is the principal source of rules governing: • the timing, manner and specific content of announcements before and during a takeover bid • the disclosure of shareholdings and dealings during an offer period (see Practice Note: Disclosure of interests—The Code) Practice Statement 20: Rule 2—Secrecy, possible offer announcements and pre-announcement responsibilities describes the way in which the Takeover Panel (Panel) normally interprets and applies the provisions of Rule 2 of the Code relating to the need for secrecy before, and the timing and contents of, possible offer announcements, including the steps which the Panel expects the parties to a possible offer and their advisers to take in order to ensure they comply with their responsibilities under Rule 2. This Practice Note describes the various announcements that offerees and offerors may be required, under the Code, to publish during the course of an offer, covering: • Announcements prior to a bid • Announcement of a possible offer • Announcement of...

Discover our 5 Practice Notes on Acceptance condition invocation notice (ACIN)

Takeover Panel confirms proposed changes to the offer timetable and offer conditions

Corporate analysis: The Takeover Panel (Panel) has published a response statement to its earlier consultation paper on proposed amendments to the Takeover Code (Code) regarding the treatment of offer conditions and the offer timetable.

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GLOSSARY