Jurisdiction(s):
United Kingdom

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...

City Code timetable for UK contractual takeover offers: PUSU, Day 0–60 milestones, revisions, acceleration statements, regulatory suspensions, competing bids, extensions, Rule 15, long‑stop and squeeze‑out

Published by a LexisNexis Corporate expert

Practice notes

$imgtext$

This Practice Note outlines the Timetable for takeovers carried out as contractual offers. It addresses the 28-day ‘put up or shut up’ requirement under Rule 2.6, the Day 0 posting of the offer document, and the key milestones on Day 21, Day 39, Day 53 and Day 60 under the City Code on Takeovers and Mergers (Code), alongside offer revisions and the effect of competing bids on timing. For illustrative schedules, see Timetable—Recommended offer and Timetable—hostile offer. For a comparative schedule contrasting takeovers via offer and via Scheme of Arrangement, see Structuring a takeover: offers and schemes of arrangement—comparative timetables.

Legal and regulatory framework

Following an offeror’s announcement of a firm intention to make an offer (Firm Intention Announcement), the timetable is governed by:

the Code, subject to the Panel consenting to or directing modifications to the Code’s application (eg in competitive scenarios and/or to accommodate the decision-making of UK or overseas competition authorities)
company law
applicable stock exchange rules

The prescriptive rules setting the timetable for an offer, reflecting several General...

To view the latest version of this document and thousands of others like it, sign-in with LexisNexis or register for a free trial.

Web page updated on 21/05/2026

Popular documents

Using the Judicial College Guidelines to assess general damages in personal injury claims

When evaluating a general damages claim, the practitioner ought initially to refer to the Judicial College Guidelines (JCG)...

Tomlin orders in England and Wales: CPR guidance on drafting, confidentiality, approval, variation, enforcement, limitation, CCA issues, court-specific requirements, sample wording and precedents

This Practice Note This Practice Note reviews mechanisms used in settling litigation. A Tomlin order consists of a consent order paired with a schedule. It operates to stay proceedings on terms that have been agreed. The provisions contained in the schedule may remain confidential. This Practice Note describes the scope of confidentiality attaching to the schedule and sets out how it differs from a standard consent order. Sample wording for a Tomlin order is included, alongside links to precedents, as well as guidance on court approval. It also addresses varying, setting aside and enforcing a Tomlin order, including the considerations the court will take into account when handling applications for each. Further guidance is provided on interpreting and applying the relevant provisions of the CPR; however, some courts and divisions impose very specific requirements for both drafting and approval, and for approaching the schedule and confidentiality issues. Accordingly, you must consider the particular rules and court guide provisions in the forum where your claim is proceeding when drawing up the Tomlin order...

Precedent: Deed of Surrender of Lease with Optional Premium, Settlement and Release, Landlord, Mortgagee and Guarantor Consents, Reimbursement and HM Land Registry Provisions (England and Wales)

Date [ date ] Parties [ name of Landlord ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Landlord) [ name of Tenant ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Tenant) [ [ name of Guarantor ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Guarantor) ] [ [ name of Mortgagee ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Mortgagee) ] Definitions Within this Deed, the terms below shall be interpreted as follows: [ Annual Rent • the annual sum reserved under the Lease; ] [ Insurance Rent • the Tenant’s share of the Landlord’s costs of insuring the Property (as set out in the Lease); ] Lease • the lease of the Property dated [ date ], entered into between (1) [ the Landlord OR [ name ...

Precedent Statutory Declaration: Standard Wording under the Statutory Declarations Act 1835

I, [ name ], of [ address ], solemnly and sincerely state that: [ Matters to be verified, set out in numbered paragraphs ] I make this solemn statement in good conscience, believing it to be true, and pursuant to the provisions of the Statutory Declarations Act 1835. DECLARED at [ details ] this [ day ] day of [ month and year ] Before me ................................................................................ [ signature of the person before whom the declaration is made ] A [ commissioner for oaths OR [ solicitor OR [ insert other qualification ] ] authorised to administer oaths ]...