• UK Takeover Panel issued 14th edition of Takeover Code and amended practice statements.
• Follows UK Takeover Panel October 2023 issued RS 2023/1 and changes to code.

Updated Code

• Amendments incorporated into Code 14th edition result from consultation PCP 2023/1, entitled Review of Rule 21 (Restrictions on frustrating action) and other matters.
• Changes set out in RS 2023/1 and made by instrument 2023/3, issued 27 October 2023.

Amended Practice Statements

• UK TO Panel also published Practice Statement 34 Rule 21.1 - Restriction on actions by the board of the offeree company and confirmed it has withdrawn Practice Statement 32 Rule 21.1 Application following the unequivocal rejection of an approach.
• Consequential amendments made to Practice Statements 2, 29, 30 and 31 to reflect changes to the Code, Practice Statements 25, 26 updated to reflect current practice.
• Minor amendments made to Practice Statement 20 on secrecy and announcements.
• Full details of these amendments are available in a dedicated document.

Effectiveness

• The 14th edition of the Takeover Code takes effect on 11 December 2023.