Under the Code and Rules, the target's board is not required to inform or consult its employees. However, this is subject to any collective bargaining agreement the company may have entered into with a union, which may contain change of shareholding provisions. A bidder is required to disclose, in the offer document, its intention as to the continued employment of the employees of the target in the event that the offer is successful and the target’s board is required to provide its comments on this matter.