ABSTRACT
The Code emphasises the vital importance of absolute secrecy before any announcement relating to a bid is made. All the parties who are privy to confidential information concerning an offer or potential offer must treat that information as secret and may only pass it to another person if it is necessary to do so. The recipient must, however, be made aware of the need for secrecy.178 At the beginning of discussions about a potential offer, the financial advisers in question must warn their clients of the importance of secrecy and security.179
