Offer period (Code definition) meaning

The time during which a public takeover or possible takeover is “live”, triggering the UK/Ireland takeover rules on announcements, disclosure of dealings, restrictions on communications, and the bid timetable (including any put‑up or shut‑up deadline). It is a defined term in the City Code on Takeovers and Mergers (UK Takeover Code) and in the Irish Takeover Rules, and is used consistently across England & Wales, Scotland, Northern Ireland and Ireland. An offer period starts when the first announcement is made of a firm intention to make an offer (Rule 2.7) or a possible offer (Rule 2.4), or on certain other announcements—for example, that a purchaser is being sought for an interest in shares carrying 30% or more of the voting rights, or that the board is seeking potential offerors. It ends when a contractual offer has become or been declared unconditional, a scheme of arrangement becomes effective, all announced offers have lapsed or been withdrawn, or following certain other announcements (such as all publicly identified potential offerors making a Rule 2.8 “no intention to bid” statement). Where a contractual offer is unconditional from the outset, or is declared unconditional before Day 21, the offer period nevertheless continues until Day 21.