We provide independent takeover code guidance for public M&A. Our work is practical and focused on what the takeover rulebook means for price, timing and control in a live deal.
We help you choose the right path and understand what each route asks of the parties and the shareholders. That includes offers and schemes of arrangement, tenders and shareholder votes, voluntary and mandatory bids, and end points such as squeeze out or delisting. We keep a close eye on documents and deadlines, and we explain in plain language when a bidder can raise price, buy shares in the market, change or waive a condition, or extend a timetable.
Every takeover code has its own rhythm, but the questions are similar. What triggers a mandatory bid? When can a bidder increase consideration or switch to a mix of cash and shares? How do acceptance thresholds, squeeze out rights and sell out rights work in practice? What do equal treatment and best price rules mean for side letters, break fees and retention packages? When must a party disclose dealings or intentions, and how strict are the rules around statements of certainty and financial resources?
We interpret these points in context, set them against the facts of a given deal, and show how they affect the spread, the likelihood of a rival approach, and the path to closing. We also consider how merger control, foreign investment and sector approvals interact with the takeover code, because these processes often dictate pacing and determine whether the outside date is realistic.
We start with the documents and the calendar. We read offer announcements, tender offer statements, scheme documents, circulars and any Panel or regulator correspondence, then build a timeline that marks the hard stops and the real decision points.
We track disclosure thresholds and dealing rules, map acceptance conditions and voting tests, and set out what must happen for each step to be met. Where price mechanics matter, we explain them with simple maths, showing how rule based constraints can pull the bid to a new level or block a revision. We model scenarios with clear probabilities, from success on current terms to revised offers, competing proposals, adjournments or lapse, and we link each path to the catalysts that will move pricing. The output is straightforward and usable. It tells you what the takeover code allows, what it forbids, and what is most likely to happen next in a given transaction.
If you are a qualified investor and would like to know more on our expertise in takeover codes, please get in touch.