Rule 3 adviser
An independent adviser, typically an investment bank or firm of accountants, appointed under Rule 3.1 of the Takeover Code who must give advice on the merits of an offer to the board of the target company and whose advice must be made known to shareholders in the offer document on a recommended bid or in the target's defence document on a hostile bid.
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Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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