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.