UK Takeover Code: Reform of the Regulation of Post Offer Undertaking and Intention Statements, Lawyer MonthlyStephen Walters
On 26 May 2022, the Code Committee of the Takeover Panel published its consultation on proposed changes to the presumptions of the definition of “acting in concert” in the Takeover Code (Code) (PCP 2022/2). Overview The key changes are to: raise the thresholdsat whic...
The rule changes include, amongst other things: (i) extending the jurisdiction of the Takeover Code to capture more target companies, (ii) new reporting requirements for profit forecasts made during takeover bids and (iii) new requirements on parties to takeover bids to update t...
thatmakeuptherestoftheCode.Asdiscussedbelow,initsconsultationdocument,thePanel’sCodeCommitteeacknowledgesthatcertainofthepossiblechangestotheCodeonwhichitisconsultingmightraiseissueswithrespecttotheTakeoverDirective.TheexistenceoftheTakeoverDirectivedoesnotmean,however,thateachEUmemberstate’sdomestictakeoverregimeis...
Why UK Takeover Code changes won't work UK business secretary Vince Cable’s plans to strengthen Britain’s Takeover Code have been described by London partners as ‘posturing’, with any tangible change in approach deemed unlikely
In addition, non-UK incorporated FTSE companies will have to acknowledge publicly their adherence to the principles of the UK Corporate Governance Code (the “UKCGC”), pre-emption rights and the UK Takeover Code as far as practicable and have at least a 25% (rather than a 10%) free ...
1. The concept ofacting in concertunder the UK Takeover Code The concept of "acting in concert" is a core concept within the UK Takeover Code. It has implications for: when a mandatory takeover offer may be required; rules applicable during the course of a l...
Significant changes to the UK Takeover Code confirmed The UK's Takeover Panel has published the final text changes to the Takeover Code (the Code) and confirmed that they will take effect on 5 July 2021. The changes relate to the offer timetable and conditions to offers, and are the...
3 0AX Registration: Incorporated and registered in England and Wales company registration number 06395159 Main Country of Operation: United Kingdom Principal Other Countries Of Operation: France, United States of America VAT Number: GB 918 4938 83 The business is subject to The UK Takeover Code....
(the PCP). The PCP proposed significant changes to the UK Takeover Code (the Code) with regard to the offer timetable and the treatment of conditions to offers. For more on the PCP’s proposals, see our 29 October 2020 client alert “UK Takeover Panel Proposes Significant Changes to the...