Rule 31.8 announcement meaning

In public takeovers under the UK Takeover Code, a Rule 31.8 announcement is an announcement (typically via RNS) by the offeree company disclosing material new information after the 39th day following publication of the initial offer document (Day 39). The concept derives from the Code, not statute or case law. After Day 39, the offeree is restricted from announcing material new information—such as trading results, profit forecasts, asset valuations or other significant developments—unless the offeror consents or the Panel on Takeovers and Mergers permits it. Where such an announcement is made, the Panel will usually adjust the offer timetable (including the Day 60 deadline) to give the offeror a fair opportunity to respond, for example by revising its offer or issuing further information. Practitioners use “Rule 31.8 announcement” to identify both the timing (after Day 39) and the procedural implications (need for bidder consent or Panel permission and possible timetable extension) of late-stage disclosures during an offer period. Usage and effect are consistent across England & Wales, Scotland and Northern Ireland through the UK Takeover Code. In Ireland, analogous restrictions exist under the Irish Takeover Rules, but the numbering and terminology differ; Irish practice refers more generally to late-stage announcements of material...