(A revocation by the offeror, however, does not take effect until received by the offeree).
In sum, the German and Anglo-American systems both try to achieve, and in a measure succeed in achieving, a fair balance between the offeror and the offeree.
This uncertainty makes the consequences of an attempted revocation unpredictable and thereby inhibits an offeror who might otherwise seek to revoke.
In German law the acceptance takes effect when it reaches the offeror, in the sense that he either knows or can learn of it.
A takeover with many conditions, particularly a due-diligence condition, signals that an offeror is waiting to negotiate with the target.
In Anglo-American common law, when parties contract by correspondence, the acceptance takes place on dispatch of the letter, but the offeror can stipulate that no contract will be formed until the acceptance has reached him.
The formal statement said he had no authorisation from the board to talk with "the potential offeror" and had failed to disclose a possible interest in the outcome of these talks.
In the common law, on the other hand, if the offeree uses an appropriate means of communication, the acceptance is effective on dispatch unless the offeror stipulated the contrary in his offer.
Several distinctly different patterns are found in the approach of modern legal systems to the problems of whether an offeror is free to revoke his offer before acceptance and of when an acceptance is effective to form a contract.
In a statement accompanying the group's annual meeting today, however, the company said it has in fact "engaged in discussions with Cinven" but it has also "received a conditional proposal from another potential offeror".
