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No extension statement meaning

What does No extension statement mean?
A no extension statement is a public commitment by an offeror in a UK takeover offer that it will not extend its offer beyond a stated date, commonly framed as “unless the offer is (or has become) unconditional as to acceptances.” It is not a statutory term; it is governed by the City Code on Takeovers and Mergers. Under Rule 31.5(b) of the Takeover Code, if a no extension statement is made by or on behalf of an offeror (including by its directors, officials or advisers) and is not withdrawn immediately if incorrect, the offeror is bound and may not later extend its offer beyond the stated date except: - where an express reservation of the right to extend in specified circumstances was made at the time and those circumstances arise; or - in wholly exceptional circumstances. This device is used in contractual takeover offers to give timetable certainty and influence shareholder behaviour. Following the 5 July 2021 timetable reforms, Rule 31.5 continues to regulate such statements. Across England & Wales, Scotland and Northern Ireland, the Takeover Code applies uniformly. In Ireland, the Irish Takeover Rules contain broadly equivalent provisions on no extension/no increase statements; practitioners should check the specific Irish Rules and Panel practice.
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NEWS
UK Public Law Weekly: Brexit and assimilated law SIs, procurement reform, subsidy control, sanctions, human rights and constitutional updates—10 October 2024

In this issue: Brexit highlights Brexit SIs Post-Brexit transition guidance Public procurement Equality and human rights Constitutional and administrative law Subsidy control and State aid State security and intelligence Other Public Law updates Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Brexit highlights Weekly summary of EU–UK TCA Specialised Committees' publications—8 October 2024. This digest sets out details of documents issued by the Specialised Committees created under the EU–UK Trade and Cooperation Agreement (TCA) covering 2 to 8 October 2024. See: LNB News 08/10/2024 45. Brexit SIs Syria (Sanctions) (Overseas Territories) (Amendment) Order 2024 SI 2024/986: This instrument revises the Syria (Sanctions) (Overseas Territories) Order 2020, SI 2020/1580, reflecting changes to the Syria (Sanctions) (EU Exit) Regulations 2019, SI 2019/792, introduced by the Syria (Sanctions) (EU Exit) (Amendment) (No 2) Regulations 2024, SI 2024/833, concerning sanctions. It is made using...

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NEWS
Private Client weekly update: Court of Protection, tax/HMRC, Finance Bill and election timing, contentious trusts, devolved and international developments, probate Q&A—23 May 2024

In this issue: Court of Protection UK taxes for Private Client HMRC Manuals updates Budgets and Finance Bills Insolvency—Private Client Contentious trusts and estates Scotland, Wales and Northern Ireland International Question of the week Additional Private Client updates this week Daily and weekly news alerts LexTalk®Private Client: a Lexis®PSL community New and updated content Dates for your diary Trackers Latest Q&As Useful information Court of Protection Court of Protection approves indefinite extension of injunction against P’s son in order to protect and support best interest decisions made for P (MK (‘P’), In the Matter of) This matter relates to MK, an 81-year-old woman with vascular dementia. To safeguard court-ordered best interests decisions concerning MK’s living arrangements and care, the court continued, on an open-ended basis, an injunction limiting her son’s contact and preventing him from independently arranging medical assessments. The court determined it holds jurisdiction, under...

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NEWS
UK and EU financial services weekly briefing for lawyers: Spring Budget 2024, FCA supervision and enforcement, AML and sanctions, ESG, markets and fintech updates (7 March 2024)

In this issue: Spring Budget 2024 Brexit UK, EU and international regulators and bodies Authorisations, approvals and supervision Prudential requirements Financial crime and sanctions Complaints, compensation and claims handling Investigations, enforcement and discipline Capital markets regulation Benchmark regulation and IBOR reform Derivatives regulation Dispute resolution for financial services lawyers Sustainable finance and ESG Banks and mutuals Investment funds and asset management Insurance regulation Payment services and systems Fintech and cryptoassets Competition in financial services EEA Agreement Annex IX (Financial Services) Financial Services Enforcement Database Daily and weekly news alerts Intraday news alerts New and updated content Dates for your diary Spring Budget 2024 Spring Budget 2024—key Financial Services announcements In the Spring Budget 2024, the chancellor of the Exchequer, Jeremy Hunt, unveiled a suite of measures affecting financial services, including in particular the possible creation of a Private...

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PRACTICE NOTES
City Code on Takeovers and Mergers Rule 31 (pre-5 July 2021): offer timetable, no extension statements, final day rule, offeree announcements after Day 39, and Panel guidance [Archived]

This archived Resource Note summarises the principal provisions of the iteration of Rule 31 of The City Code on Takeovers and Mergers (the Code) that applied to firm offers announced before 5 July 2021. It has not been updated since the Code was revised in July 2021. For details of the version of Rule 31 relevant to firm offers announced before 5 July 2021, see Resource Note: Takeover Code—Rule 31—Timing of the offer... Materials covered in this Resource Note include: Practice Statements issued by the Panel Executive (the body responsible for the day‑to‑day supervision and regulation of takeovers) (Executive), offering informal guidance on the Executive’s usual interpretation and application of the Code Panel Statements (P/S) and Panel Instruments published by the Panel Public Consultation Papers (PCP) and Response Statements (RS) from the Code Committee Annual Reports from the Panel discussing general matters (Annual Reports) relevant Lexis+® UK resources 2021 changes to the Code In March 2021, the Panel...

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PRACTICE NOTES
HC 1534: Analysis of UK Immigration Rules changes—EU Settlement Scheme pilot and Administrative Review, evidential/document reforms, fee waivers, Tier 4 coding, Surinder Singh alignment, passport return, Calais leave

This analysis reviews the principal amendments to the Immigration Rules (the Rules) contained in HC 1534. HC 1534 was published on 11 October 2018, accompanied by an Explanatory Memorandum (EM). It sets out the following points of interest for immigration advisers: Widening of the EU Settlement Scheme pilot, plus the launch of an Administrative Review route for refusals under Appendix EU Removal of references to Premium Service Centres ahead of the roll-out of the new Sopra Steria contract Revision of the requirement to submit original documents, which are no longer compulsory for most applications Broader use of evidential flexibility, allowing the Home Office to apply it more readily and across a wider range of applications New provisions enabling unaccompanied children moved to the UK after the Calais camp’s closure to apply for limited and indefinite leave to remain You can quickly navigate to specific topics using the Contents bar on the left of the screen. Implementation Unless otherwise...

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PRACTICE NOTES
UK MiFID II/MiFIR implementation tracker: HM Treasury statutory instruments, FCA/PRA policy and rules, FOS changes, and post‑implementation developments (2014–2019) [Archived]

UK implementation of MiFID II and MiFIR The recast Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II) and the new Markets in Financial Instruments Regulation (Regulation (EU) 600/2014) (MiFIR) appeared in the Official Journal of the European Union on 12 June 2014 and applied from 3 January 2018 thereafter. Together, both MiFID II and MiFIR materially revise and broaden the regime at EU level first created by the Markets in Financial Instruments Directive (2004/39/EC) (MiFID). EU Member States had to implement MiFID II’s provisions into domestic law by 3 July 2017 by that date, whereas MiFIR takes effect directly in Member States without any need for transposition. In the UK, MiFID II and MiFIR were given effect via HM Treasury legislative changes, alongside Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) rules and guidance from those bodies. The Financial Ombudsman Service (FOS) has likewise updated its standard terms and scheme rules for firms within its voluntary jurisdiction. This Practice Note monitors the progress of MiFID II and...

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PRECEDENTS
Administrator’s Witness Statement Template for Court Application to Extend Company Administration under the Insolvency Act 1986 (England and Wales)

Applicant: [ initials and surname ], [ insert number of witness statement eg 1st ] Exhibits: [ 1–4 ] Date: [ insert date of witness statement ] Court Reference No: [ insert case number ] [ IN THE HIGH COURT OF JUSTICE BUSINESS AND PROPERTY COURTS [OF ENGLAND AND WALES] [IN [ insert location ]] IN THE COUNTY COURT AT [ insert location ] INSOLVENCY AND COMPANIES LIST (ChD) BUSINESS AND PROPERTY COURTS LIST OR IN THE HIGH COURT OF JUSTICE CHANCERY DIVISION [ insert location ] DISTRICT REGISTRY ] IN THE MATTER OF [ insert company name ] IN THE MATTER OF THE INSOLVENCY ACT 1986 [ Insert name of the administrator ], Administrator of [ insert name of company in administration ] — Applicant And [ Insert name(s) of company in administration ] in administration — [ Respondent OR Respondents ] Witness statement of [ INSERT NAME OF THE ADMINISTRATOR ], ADMINISTRATOR OF [ INSERT...

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PRECEDENTS
Precedent Witness Statement Opposing Relief from Sanctions (CPR 3.9) and Extension of Time, England and Wales

Filed on behalf of the [ Claimant OR Defendant ] Witness statement by [ insert initial and surname of the witness ]. Statement number: [ insert the sequence number of the witness's statement in relation to the witness ]. Exhibit particulars: [ insert initials and the number of each exhibit referred to ]. Date the statement was prepared: [ insert date ]. [ Translation date: [ insert date ] ]. Claim No. [ insert claim number ]...

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PRECEDENTS
Template Witness Statement Supporting Defendant’s Application to Extend Time for Filing a Defence (England and Wales)

Filed on behalf of the Defendant Witness statement by [ insert initial and surname of witness ] Statement number: [ insert number of witness statement in relation to the witness ] Exhibit particulars: [ insert initials and number of each exhibit referred to ] Date the statement was completed: [ insert date ] [ Date of translation: [ insert date ] ] Claim No. [ insert claim number ]...

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