Realistic time of events offer15 Oct 2025 16:51
Realistic Timing (from 3 Oct 2025)
1️⃣ Initial expressions of interest
Interested parties sign NDAs, access data room, early financial diligence
3–5 weeks
By early–mid Nov 2025
2️⃣ Non-binding offers due
Bidders submit indicative offers for board review
1–2 weeks
Mid–late Nov 2025
3️⃣ Short-listed bidders’ confirmatory due diligence
Deeper diligence (financial, legal, commercial), possible management meetings
4–6 weeks
Late Nov → late Dec 2025
4️⃣ Final offer and approvals
Binding proposal submitted; Board reviews and, if acceptable, Rule 2.7 “firm intention” announcement made
1–2 weeks
Early–mid Jan 2026
5️⃣ Publication of offer document
As required by Takeover Code (within 28 days of Rule 2.7 announcement)
+2–4 weeks
Late Jan → Feb 2026
All this beginning with the dispensation rule allowing buyer to operate privately at the beginning to conduct due diligence