Is there any regulation on Implementation Agreements?
Deal protection measures
- restrictions on the target soliciting competing proposals (i.e. no-shop) and talking to potential competing bidders unless approached with a potentially superior proposal (i.e. no-talk); - obligations on the target to notify the bidder if it receives a competing proposal (i.e. notification obligation); and - matching rights in favour of the bidder if a superior proposal emerges, giving the bidder an opportunity to match or better the superior proposal before the target board can change its recommendation.