U. K. – Takeover Panel Issues 14th Edition of Takeover Code

U. K. – Takeover Panel Issues 14th Edition of Takeover Code

On 11 December 2023, UK Takeover Panel issued 14th edition Code, other updates.

  • 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Practice Statement 34 Rule 21.1 - Restriction on actions by the board of the offeree company and confirmed it has withdrawn Practice Statement 32 Rule 21.1 Application following the unequivocal rejection of an approach.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.