Jurisdiction(s):
United Kingdom

Key definition

Rule 2.7 announcement definition

What does Rule 2.7 announcement mean? A Rule 2.7 announcement is the public statement by an offeror setting out its firm intention to make an offer for a UK public (or other Code) company, made under Rule 2.7 of the City Code on Takeovers and Mergers (Takeover Code). Often called a firm offer announcement, it must state the key terms (price and form of consideration), principal conditions, any Panel‑permitted pre‑conditions, how the offer will be financed and, where relevant, include a cash confirmation from the offeror’s financial adviser. It typically also summarises any board recommendation and irrevocable commitments. Once made, it binds the offeror to...

UK Takeover Code precedent announcement: offer unconditional, acceptances, procedure, settlement, cancellation of listing, compulsory acquisition and disclosure obligations

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Precedents

Not for publication, release or dissemination (whether in whole or in part, directly or indirectly) in, into or from any jurisdiction where doing so would contravene the applicable laws or regulations of such jurisdiction.

[ insert date ] For immediate release

[Recommended] [cash] offer (the Offer ) by [ Insert name of offeror ] for [ Insert name of offeree ] PLC

Offer unconditional[ in all respects]

On [ insert date of Rule 2.7 announcement ], the board[ s ] of [ insert full name of Offeror ] [ and [ insert full name of Offeree ] ] stated, in accordance with Rule 2.7 of the Code, that [ [ Offeror ] had made OR they had reached agreement on the terms of ] a [ n ] [ recommended ] [ cash ] offer [ to be made by [ Offeror ] ] to purchase [ the entire issued and to be issued ] ordinary Share Capital of [ Offeree ]...

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Web page updated on 22/05/2026

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