On 2 December 2021, UK TO Panel said documents must be in electronic form.

• UK TO Panel issued miscellaneous code amendments, stated that with immediate effect, the executive will accept offer documentation in electronic form only.

Background

• Rule 30.5 of the Takeover code currently requires that, when an offeror/offeree firm publishes offer document, scheme circular, an offeree board circular or a rule 9 waiver circular, document must be sent to UK TO Panel in electronic and hard copy form.
• This requirement also applied to advisers to all other parties to the offer.

Amended Code

• UK TO Panel executive noted the code committee published PCP 2021/1 (miscellaneous code amendments), proposed that the requirement for documents to be sent to UK TO Panel and advisers to other parties to an offer in hard copy form should be removed.
• Such that documents would be required to be sent in electronic form only.
• If the amendments to the code are adopted, likely in effect in the first half of 2022.
• In the light of this, and with immediate effect, the executive will accept offer documentation in electronic form only, no hard copy documents should be sent.
• Until proposed amendment to rule 30.5 is in effect, advisers to parties to an offer should agree whether they want hard copy documents in addition to electronic form.
• On 2 December 2021, UK TO Panel proposed various code amendments.