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Viacom-YouTube case: Rule8Summary

Viacom-YouTube case: Rule8Summary

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Published by Robert Andrews

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Published by: Robert Andrews on Jul 15, 2008
Copyright:Attribution Non-commercial


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Last revised 20 May 2006

A summary of the principal provisions of Rule 8 in the following form would normally be acceptable for the purposes of Rules 2.4(a), 2.5(b)(ix), 2.6 and 24.2(d)(xiii). Any material variation should be specifically agreed with the Panel in advance.

\u201cDealing Disclosure Requirements

Under the provisions of Rule 8.3 of the Takeover Code (the \u201cCode\u201d), if any person is, or becomes, \u201cinterested\u201d (directly or indirectly) in 1% or more of any class of \u201crelevant securities\u201d of [the offeror or of]the offeree company, all \u201cdealings\u201d in any \u201crelevant securities\u201d of that company (including by means of an option in respect of, or a derivative referenced to, any such \u201crelevant securities\u201d) must be publicly disclosed by no later than 3.30 pm (London time) on the London business day following the date of the relevant transaction. This requirement will continue until the date on which the offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the \u201coffer period\u201d otherwise ends. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire an \u201cinterest\u201d in \u201crelevant securities\u201d of [the offeror or]

the offeree company, they will be deemed to be a single person for the purpose of
Rule 8.3.

Under the provisions of Rule 8.1 of the Code, all \u201cdealings\u201d in \u201crelevant securities\u201d of [the offeror or of]the offeree company bythe offeror or the offeree company, or by any of their respective \u201cassociates\u201d, must be disclosed by no later than 12.00 noon (London time) on the London business day following the date of the relevant transaction.

A disclosure table, giving details of the companies in whose \u201crelevant securities\u201d \u201cdealings\u201d should be disclosed, and the number of such securities in issue, can be found on the Takeover Panel\u2019s website atwww.thetakeoverpanel.org.uk.

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