Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Acceleration definition

What does Acceleration mean? Acceleration is the contractual mechanism by which a lender (or bond trustee) can require immediate repayment of all sums outstanding after an event of default. It is not defined by statute; its content is set by the facility agreement, trust deed or other finance documents and applied under contract law. Acceleration is typically either (i) optional, exercised by written notice (an acceleration notice), or (ii) automatic on specified triggers, commonly non‑payment, insolvency, breach of covenants, misrepresentation, illegality or cross‑default. Once declared, amounts due include outstanding principal, accrued and default interest, fees, break costs and any “all monies” liabilities (including under...

UK Takeover Code: Offer Revisions, Extensions, No Increase and Acceleration Statements, ACINs, Competing Bid Auctions, Alternative Offers and Timetable Controls

Published by a LexisNexis Corporate expert

Practice notes

This Practice Note explores how an offeror can amend or prolong its offer and accelerate particular parts of the offer timetable by serving an acceptance condition invocation notice or issuing an acceleration statement. It also looks at the treatment of alternative offers and the way the City Code on Takeovers and Mergers governs competing bids during the later stages of an offer process.

Revisions

Sometimes during the course of an offer, an offeror may wish to alter its terms, particularly where there are competing offers or the offer is not recommended by the offeree board. Greater flexibility is available when the transaction is structured as a contractual offer rather than a scheme of arrangement, given the need to accommodate the court timetable in the scheme process. However, whether the deal is structured as an offer or a scheme, the parties should remain mindful of specific restrictions and requirements under the Code.

Making a revised offer

Under the Code, an offeror must publish any updated terms by way of a revised offer/scheme document...

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Web page updated on 22/05/2026

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