The Takeovers Panel says it has granted an exemption from rule 46(1)(a)(ii)(A) of the Takeovers Code.

The rule requires a target company to send a target company statement (TCS), including an independent adviser's report to shareholders within 14 days after it receives notice that a takeover offer has been dispatched.

The new exemption - clause 25F of the Takeovers Code (Class Exemptions) Notice (No 2) 2001 - grants the exemption on the condition that the TCS is instead made available on the company's website in a prominent position within the 14-day period.

The company must also send the TCS to its shareholders as soon as practicable in the case of shareholders who receive documents electronically or within three further days in any other case.

The Panel says the exemption was proposed after a wider discussion with independent advisers about their role, and specifically the time constraints imposed by the Code on independent advisers preparing IA reports in respect of surprise takeovers.