Further Terms of the Offer

This document is intended as an illustrative example of the approach that could potentially be taken to the structure and drafting of certain aspects of the further terms to a contractual offer under the Code rules.

This document was originally drafted by a Joint Working Party of the Company Law Committees of the City of London Law Society (CLLS) and the Law Society of England and Wales (the Law Society) (the Joint Working Party) in June 2021 in light of changes to the City Code on Takeovers and Mergers (Code) that took effect in July 2021 and had an impact on, among other things, certain aspects of the conditions and further terms to contractual offers.

It was updated by the Joint Working Party in February 2024 at the same time as revisions were made to the illustrative example of the approach which could potentially be taken to drafting conditions to (and certain further terms of) an offer, see the separate document drafted by the Joint Working Party.