31.   During an offer neither the offeror nor the board of the target company may provide information to some shareholders which is not made available to all.

32.   This obligation does not, however, apply to information provided to an offeror in confidence by the board of the target company.

33.   The parties to a takeover offer must endeavour to prevent the creation of a false market in the securities of an offeror company or the target company.

34.   This occurs where general offers are made by two or more separate offerors for the same target company.

35.   They may also furnish invaluable information on the target company through their analysts and can provide the manpower and support necessary for a contested takeover.

36.   The target company will also assemble a similar team in a contested bid.

37.   As part of the preparation for a bid the offeror will conduct an information-gathering exercise on the target company.

38.   This tends to lead to extremely lengthy and detailed questionnaires being sent by the offeror to the target company and at regular intervals to learn any relevant information.

39.   Analysts say Prudential better spend soon or it may be disappointed as more predators eye the U.K. and target companies take defensive moves.

40.   An analyst spreads a rumor that one company is about to buy another one, and the stock of the target company soars.