The offeree company must send the circular containing the information in Appendix D in Part B of the CBB Rulebook Volume 6, together with any other information it considers to be relevant to enable its shareholders to reach an informed decision on the offer accompanied by the offer document to all its shareholders within a maximum period of 21 calendar days from the date of receipt of the offer document. The CBB’s written approval is required if the offeree board circular may not be sent to the shareholders within the abovementioned period. The offeree board circular must include the views of the offeree company’s board or its independent committee on the offer and the written advice of its professional adviser as to whether the offer is, or is not, fair and reasonable and the reasons thereof.