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Hostile offer timetable (archived)—offers announced before 5 July 2021 under the UK City Code on Takeovers and Mergers: key dates, rules and procedural steps

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This archived timetable covers the key steps on a hostile offer that is announced before 5 July 2021

It has not been updated following the Code’s July 2021 overhaul. For additional illustrations of takeover timetables, consult:

  • Timetable—recommended offer—before 5 July 2021
  • Timetable—recommended offer
  • Timetable—hostile offer
  • Timetable—scheme of arrangement

On 31 March 2021, the Takeover Panel (Panel) issued a response statement confirming it would press ahead with changes to the Code concerning how offer conditions are handled and the sequencing of the offer timetable. The revised Code applies to any firm offer announced on or after 5 July 2021 (the implementation date), save where applying it would create a retrospective effect. Firm offers already in progress that bridge the implementation date—and any offers announced on or after that date which compete with those ongoing offers—remain governed by the pre-amendment provisions of the Code. Appendix D of the consultation paper contains a diagram setting out the principal distinctions between the previous and the revised timetables...

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Web page updated on 20/05/2026

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