Following a consultation regarding the extent to which parties to UK takeover offers may be held to statements they make, the Takeover Code was amended in 2015 to regulate two types of statements made by parties to a takeover offer: (i) post-offer intention statements comprising public statements made by a party to a takeover offer relating to any particular course of action that the party intends to take, or not take, after the takeover offer that is not a post-offer undertaking; and (ii) post-offer undertakings comprising public statements made by a party to a takeover offer relating to any particular course of action that the party commits to take, or not take, after the takeover offer and which is described as a post-offer undertaking.

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