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The Takeover Code

3.1 Board of the offeree company D23 Notes on Rule 3.1 1. Management buy-outs and offers by controllers D23 2. When there is uncertainty about financial information D23 3. Where the independent adviser is unable to advise whether the financial terms of the offer are fair and reasonable D23 3.2 Board of an offeror company D23 Notes on Rule 3.2 1.

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