Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Offer definition

What does Offer mean? In receivables finance, Offer describes the seller’s act of submitting identified receivables to the purchaser for sale in return for the agreed purchase price under a receivables purchase agreement (RPA). It reflects the common law concept of offer and acceptance (developed in case law rather than statute) and is used consistently across England & Wales, Scotland, Northern Ireland and Ireland. An Offer typically: identifies the receivables (and any exclusions); states or enables calculation of the purchase price (often net of discount, reserves and fees); is made by an offer notice or data upload by a cut-off time; and...

Preparing UK quoted companies for takeover approaches: internal organisation and defence strategy, market monitoring, stakeholder engagement, financial disclosures, and formal sale processes under the Takeover Code

Published by a LexisNexis Corporate expert

Practice notes

This Practice Note, prepared with input from Rebecca Cousin of Slaughter and May on market practice, outlines the preparatory steps a quoted company can take to ensure it can react promptly and effectively to a potential bid. It looks at how an offeree may protect itself from unwelcome approaches (anticipated or otherwise) by having suitable systems and procedures in place before any offer is made. It also considers the issues that arise where a quoted company chooses to actively seek suitable offerors by publicly putting itself up for sale, including by commencing a formal sale process (FSP). For discussion of the matters for an offeree to assess after an approach, see Practice Note: Preliminary issues for a target to consider following an approach.

Internal organisation

The offeree should have appropriate systems and procedures in place so it can respond quickly and effectively to any bid as and when it materialises. These include:

the preparation, maintenance and updating of a defence manual
the appointment of an internal team or committee to monitor the market and to deal initially with an approach or offer
ensuring that the

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Web page updated on 21/05/2026

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