The Takeover Panel: Further Proposed Changes to the UK Takeover Code

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The Panel on Takeovers and Mergers (the Panel) published three public consultation papers on 5 July 2012, inviting comments on proposed amendments to the UK Takeover Code (the Code). The three consultation papers propose changes to the Code concerning the following:

- pension scheme trustee issues;

- companies subject to the Code; and

- profit forecasts, quantified financial benefits statements, material changes in information and other changes to the Code.

Copies of the public consultation papers are available on the Panel’s website (see: http://www.thetakeoverpanel.org.uk/consultation/current-consultations). Comments on the Panel’s consultation papers are due by 28 September 2012. The proposed changes in these consultation papers follow a number of important changes made to the Code in September 2011.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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