Overview- The City Code on Takeovers and Mergers (the “Code”) contains a number of traps for the unwary, not least that it can extend to unlisted companies or companies with overseas listings, with seemingly limited nexus...more
On 24 April 2024, the Takeover Panel published a consultation paper, PCP 2024/1, which proposes to narrow the scope of the companies to which the Takeover Code (Code) applies. The changes would have the effect of removing UK...more
A new Takeover Panel consultation proposes to narrow the scope of the companies subject to the Takeover Code (the “Code”). ...more
On 4 April, 2023, the Takeover Panel published Response Statements in relation to two consultations on Code rule changes that it issued last year - RS 2023/3 on the offer timetable in a competitive situation and RS 2023/4 on...more
The UK Takeover Panel (the “Panel”) has introduced amendments to the definition of “acting in concert” under the Takeover Code (the “Code”) and, in particular, the circumstances in which the Panel will presume parties to be...more
On 31 March 2021 the Takeover Panel (the Panel) published its Response Statement (RS 2020/1) setting out significant changes to the Takeover Code (the Code) in relation to conditions to offers and the offer timetable....more
On 31 March 2021, the UK Takeover Panel (the Panel) published Response Statement 2020/1 (the RS) in response to the Public Consultation Paper 2020/1 published by the Panel on 27 October 2020 (the PCP). The PCP proposed...more
Proposed changes to the UK Takeover Code include simplifying and adding flexibility to the timetable applicable to contractual offers, as well as making offer conditions relating to antitrust clearances subject to the same...more
On 27 October 2020, the UK Takeover Panel (the Panel) published Public Consultation Paper 2020/1 (the PCP), which proposes significant changes to the UK Takeover Code (the Code) with regard to the offer timetable and the...more
The Takeover Panel (the Panel) has confirmed again in the Moss Bros case how difficult it is for bidders to invoke material adverse change conditions (MACs) and lapse offers in the UK. On 12 March 2020, Brigadier Acquisition...more