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

2.   In determining whether the City Code applies it is the nature of the target company which is relevant.

3.   Recommended offer A takeover offer which is recommended by the board of the target company.

4.   The offeror will then be obliged to bid to acquire all the shares in the target company.

5.   The requirement for disclosure of information in the proposed Directive is aimed at protecting the interests of shareholders of the target company.

6.   X, an officer at Kleinwort Benson, telephoned D and told him that the target company had accepted a new offer.

7.   There must also be the prospect of a profitable exit for the investors, and a target company that is able to generate enough cash to service its debt.