Takeover Bid Timeline – Friendly
Sign Support Agreement and Announce Transaction
D
Prepare Takeover Bid Circular and Directors’ Circular Recommending Shareholders Tender
D + 1 to 3 weeks
Mail Takeover Bid Circular and Directors’ Circular to Shareholders
D + 12 Days
Take Up Shares and Publish Notice of Extension
D + 47 Days (assumes Target Board reduces deposit period)
D + 50 Days (maximum of 3 business days after take-up)
Pay for Shares Taken Up
Expiration of Mandatory 10-Day Extension if Conditions Satisfied
D + 57 Days
Pay for Shares Deposited During Extension Period
D + 60 Days
Commence Squeeze-Out Procedures if Over 90% OR Commence Second-Step Going-Private Transaction if Below (see Amalgamation Timeline)
57
Davies | dwpv.com
Powered by FlippingBook