How differently do the legislation/regulatory treat hostile and voluntary takeover bids?
Where a bid is recommended by the board of the target, the offer document will generally be a joint document that includes the target board’s views on the offer. If hostile, the views of the target board will be contained in a separate document issued within 14 days of the offer document. In a hostile bid the target cannot announce trading results, profit or dividend forecast, an asset valuation, proposal for a dividend payment or other information after the thirty ninth day following the date on which the offer document is posted without the consent of the Takeover Panel.
