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A potential acquirer has tabled a best-and-final proposal and asked for more time on its takeover deadline, in a filing made under Rule 2.4 of the UK City Code on Takeovers and Mergers.
The deadline in question is known as a Put Up or Shut Up deadline: the Takeover Panel's hard stop that requires an undecided bidder to either commit to a formal offer or stand down.
The asterisk sitting next to the word "final" in the announcement's own title is the first thing worth reading.
What the asterisk signals In UK takeover practice, a best-and-final declaration is a binding constraint on price.
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