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Rule 2.4 of the City Code on Takeovers and Mergers is the disclosure mechanism that forces companies into the open before any formal offer is made.
Under it, parties to a possible deal must acknowledge discussions publicly once those discussions cross a threshold the Takeover Panel considers material.
SEGRO and Prologis have now filed under that rule, issuing a further announcement that a possible combination between the two companies is under consideration.
The Rule 2.4 mechanism Filing under Rule 2.4 does not confirm a transaction. It confirms that discussions have reached a stage where the Code demands transparency.
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