1.   Before the offer document is published, it must be submitted to the supervisory authority and the management of the target company.

2.   Guinness was accused of bad faith, in particular for failing to adhere to promises made in the official offer documents.

3.   The supervisory authority May forbid the publication of an offer document that is incomplete or requires additional information.

4.   Certain difficulties with posting offer documents to overseas shareholders can be overcome.

5.   In particular, it may not be possible to post an offer document into the US without complying with onerous filing requirements.

6.   There are, in addition, detailed requirements as to the contents of the offer document and the Schedule to the Order should be consulted for these.

7.   The partial offer document must contain an explanation as to the reason why a full offer is not being made.

8.   A partial offer document is, therefore, a more time-consuming document to prepare.