| This connotes a voluntary invitation by the offeror to the offeree to enter into a contractual relationship. |
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| Over-the-board play shows that even alliances which are genuinely good for both parties are frequently questioned by the offeree. |
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| Has the acceptance been authorised and communicated by the offeree or his agent? |
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| A statement or any other attitude of the offeree indicating that he assents to an offer shall constitute an acceptance. |
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| Any dissenting offeree would also be entitled to challenge the fair value of the buyout price. |
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| The trade unions or other employees' representatives will have the right to comment on that before the offeree company comes to a decision. |
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| If the directive goes through, the board of a bidding or offeree company will have to declare its hand at the time of the bid. |
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| The shareholders of the offeree company will need to know what the view of the employees is. |
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| Where the offeree company has issued more than one class of shares, the rule laid down in paragraph 1 shall apply separately within each class. |
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| Where control of the offeree company is at stake, it is important to ensure that its fate is decided by its shareholders. |
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| Once the offeree has embarked upon a course of performance leading ultimately to a completed act of acceptance the offeror cannot withdraw the offer. |
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| The transfer notice shall be capable of being accepted by the offeree at any time up to six months prior to the date on which termination shall take effect. |
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| An offer constitutes a definite proposition by the offeror signifying his willingness to be bound by the terms stated therein as soon as it has been accepted by the offeree. |
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| The offeree could obtain by means of the doctrine of promisory estoppel something that he must fail to obtain under the conventional law of contract. |
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| The time limit for acceptance set by the offeror by telephone, telex, telefax or any other instant communication medium shall begin to run from the time the offeree receives the offer. |
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| The board of the offeree company shall at the same time communicate that opinion to the representatives of its employees or, where there are no such representatives, to the employees themselves. |
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| A number of amendments concerned informing the employees of the target or offeree company, and another amendment concerned the importance of consulting the employees of the offeror or predatory company. |
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| The offeree company's employees should be associated with the opinion and should be able, if they disagree, to communicate their own opinion at the same time. |
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| For this reason the legal system sees a need to provide the offeree with a secure point of departure for his decision, in order both to protect him and to facilitate commerce generally. |
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| Upon receipt of an offer, the offeree frequently changes his position by, for example, refusing or ignoring other offers, neglecting to seek additional offers, or himself making propositions based on the offer made to him. |
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| The offerer must wait to learn if the offeree accepts the offer or rejects it. |
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| The board of the offeree company shall, before making public its opinion on the bid, consult with the employees to be able to include their views in the document. |
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| In sum, the German and Anglo-American systems both try to achieve, and in a measure succeed in achieving, a fair balance between the offeror and the offeree. |
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| Moreover, as soon as the offeror decides to make the bid he must announce his intention to the supervisory authority and to the board of the offeree company. |
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| In the common law, on the other hand, if the offeree uses an appropriate means of communication, the acceptance is effective on dispatch unless the offeror stipulated the contrary in his offer. |
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| Where the board of the offeree company receives in good time a separate opinion from the representatives of its employees on the effects of the bid on employment, that opinion shall be appended to the document. |
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| The Offer shall contain an offer to sell to the Offeree all and not less than all of the Shares held by the Offeror. |
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