On 20 February 2023, UK TO Panel published revised takeover code, reflecting instrument 2022/6 changes - presumptions of definition of acting in concert and related matters.

• Also advised that practice statement no 12 (rule 9 and the interests in shares of clients whose funds are managed on a discretionary basis) had been withdrawn.
• Minor consequential amendments made to practice statement no 22 (irrevocable commitments, concert parties related matters) along with practice statement No 33 (purchases of shares in the offeree company by an offeror during an offer period).
• Rule changes webinar/slides, new guidance, are issued on the consultation webpage.