Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Offer timetable definition

What does Offer timetable mean? In public takeovers, the offer timetable is the schedule of key dates and mandatory deadlines that control the progress of an offer. In the UK, it is prescribed by Rule 31 of the City Code on Takeovers and Mergers (the Takeover Code) and administered by the Takeover Panel. It typically covers: publication of the offer document; the first closing date; the last dates for posting or announcing any revised or competing offer; the deadline by which the acceptance condition must be satisfied; the timing of settlement of consideration; periods when withdrawal rights apply; and how the timetable is affected...

UK Takeover Code Rule 31: Offer Timing, Day 60, Extensions, Acceleration Statements, ACINs, and Day 39 Offeree Announcements—Panel Practice and Guidance

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Practice notes

Rule 31—Setting the scene Code and Lexis+® UK

This Resource Note summarises the key elements of the current iteration of Rule 31 of the City Code on Takeovers and Mergers (Code). Rule 31 concerns the requirement that all offer conditions are fulfilled by Day 60, when and how the offer timetable can be paused or prolonged, the deployment of acceleration statements and acceptance condition invocation notices (ACINs), and the limits on an offeree disclosing material new information after Day 39, among other procedural matters. It signposts relevant materials, commentary and guidance from the Panel, alongside Lexis+® UK analysis and resources, to provide practical direction on interpreting and applying Rule 31 within the Code framework. Materials included in this Resource Note comprise the following sources, as set out below:

Practice Statements issued by the Panel Executive (the body that undertakes the day-to-day work of takeover supervision and regulation) (Executive) to offer informal guidance on how the Executive typically interprets and applies the Code
Panel Statements issued by the Panel (P/S) and Panel Instruments
Public Consultation Papers (PCP) and Response Statements (RS) released by the Code Committee
Annual Reports issued by the Panel addressing general matters (Annual Reports)
relevant Lexis+® UK resources...

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Web page updated on 22/05/2026

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