• 24.1 24.1 THE TARGET BOARD CIRCULAR

    (a) The board of the Target must, normally within 14 days of the publication of the offer document, send a circular to shareholders in the Target and persons with information rights, in accordance with Paragraph 29.1. At the same time, the Target must make the circular readily available to its employee representatives (or, where there are no employee representatives, to the employees themselves).
    (b) On the day of publication, the Target must:
    (i) publish the Target board circular on a website in accordance with Paragraph 25.1; and
    (ii) send to the Panel for publication on the ADGM website an announcement that the Target board circular has been so published.

    • Guidance on Paragraph 24.1

      Where there is no separate Target board circular

      Where the Target board circular is combined with the offer document, Paragraph 24.1 will not apply. However, Paragraphs 24.2 to 24.9 will apply to the combined document.