What must occur within 10 business days after the commencement of the offer period?

The requirement for disclosure of the opening position via RIS (Regulatory Information Service) within 10 business days after the commencement of the offer period is a crucial aspect of transparency in the takeover process. This disclosure ensures that all relevant information regarding the offer is made available to the market, allowing shareholders and potential investors to make informed decisions.

By requiring this information to be disseminated promptly, the rules aim to maintain a level playing field, ensuring that all parties have access to the same material information at the same time. This helps to prevent insider trading and enhances market integrity during the often-sensitive period that follows the announcement of a takeover bid.

While formal announcements of final offers, completion of due diligence, and shareholder approvals are significant in the process, they do not carry the same regulatory urgency and time sensitivity as the requirement for immediate disclosure through RIS once the offer period begins.