A&O Shearman was formed in 2024 via the merger of two historic firms, Allen & Overy and Shearman & Sterling. With nearly 4,000 lawyers globally, we are equally fluent in English law, U.S. law and the laws of the world’s most dynamic markets.
This combination creates a new kind of law firm, one built to achieve unparalleled outcomes for our clients on their most complex, multijurisdictional matters – everywhere in the world. A firm that advises at the forefront of the forces changing the current of global business and that is unrivalled in its global strength.
Our clients benefit from the collective experience of teams who work with many of the world’s most influential companies and institutions, and have a history of precedent-setting innovations.
Together our lawyers advise more than a third of NYSE-listed businesses, a fifth of the NASDAQ and a notable proportion of the London Stock Exchange, the Euronext, Euronext Paris and the Tokyo and Hong Kong Stock Exchanges.
Practice Statement No 30 explains the compliance of Rule 20.2 in circumstances where commercially sensitive information is supplied to lawyers or economists advising an offeror of an "outside counsel only" basis.
On 8 October 2015, the Takeover Panel Executive published
Practice Statement No 29 and Practice Statement No 30 and withdrew
Practice Statement No 27 and Practice Statement No 23 where the
relevant sections have now been incorporated into new Practice
Statement No 29.
Practice Statement No 29 provides guidance on the
Takeover Panel Executive's interpretation and application of
Rule 21.2 regarding exclusions to the prohibition on offer related
arrangements; agreements between an offeror and offeree relating to
the conduct, implementation and terms of an offer; and agreements
by which an offeree may agree to pay an inducement fee to an
offeror in circumstances set out in Notes 1 and 2 on Rule 21.2.
Practice Statement No 30 explains the compliance of Rule 20.2 in
circumstances where commercially sensitive information is supplied
to lawyers or economists advising an offeror of an "outside
counsel only" basis.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.