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This research investigates one aspect of managerial behaviour during takeover bids - that of disclosure of profit forecasts. As forecast disclosure is largely unregulated in the UK, this can provide valuable insights into managerial voluntary disclosure decisions. This in turn may be helpful in assisting policy makers to develop regulations governing disclosure of forecasts. The research is based on eleven in-depth interviews with participants in the decision to disclose a forecast in public company takeover bids.