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23.2 INTENTIONS OF THE BIDDER WITH REGARD TO THE BUSINESS, EMPLOYEES AND PENSION SCHEME(S)

(a) If the Target has a pension scheme, in the offer document, the Bidder must explain the long term commercial justification for the offer and must state:
(i) its intentions with regard to the future business of the Target;
(ii) its intentions with regard to the continued employment of the employees and management of the Target and of its subsidiaries, including any material change in the conditions of employment;
(iii) its strategic plans for the Target, and their likely repercussions on employment and the locations of the Target's places of business;
(iv) its intentions with regard to employer contributions into the Target's pension scheme(s) (including with regard to current arrangements for the funding of any scheme deficit), the accrual of benefits for existing members, and the admission of new members;
(v) its intentions with regard to any redeployment of the fixed assets of the Target; and
(vi) its intentions with regard to the maintenance of any existing trading facilities for the relevant securities of the Target.
(b) If the Bidder has no intention to make any changes in relation to the matters described under (a)(ii) to (v) above, or if it considers that its strategic plans for the Target will have no repercussions on employment or the location of the Target's places of business, it must make a statement to that effect.
(c) Where the Bidder is a company, and insofar as it is affected by the offer, the Bidder must also state its intentions with regard to its future business and comply with (a)(ii) and (iii) with regard to itself.