response document


response document
The circular from the offeree board to target shareholders advising them on an offer. In a recommended bid, the offeree board's response is normally contained in the offer document. In a hostile bid, the offeree board will send a separate circular to its shareholders containing its views on the offer. The offeree board circular is required to be sent to shareholders within 14 days of publication of the offer (Rule 30.2, City Code on Takeovers and Mergers). Where there is a competing bid or offer, further response documents will normally be sent by the target company board to its shareholders following the posting of the competing bidder's offer document and after any revisions to the offer.
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Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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