U.K. – Takeover Panel Issues Proposal to Change Takeover Code

U.K. – Takeover Panel Issues Proposal to Change Takeover Code

On 27 October 2020, UK TO Panel issued consultation on offers/offer timetable.

  • Takeover Panel code committee issued a public consultation paper, setting out proposed amendments to Takeover Code regarding conditions to offers and offer timetable.

Overview

  • Offer timetable prescribed by Takeover Code is designed to strike balance between the interests of offeror(s), offeree company and the shareholders in the offeree company.
  • As per procedures for amending Takeover Code, once code committee has considered the responses, will publish response statement setting out final Code amendments.
  • Most of the proposals already subject to informal pre-consultation Jan/Feb. 2020.

Effectiveness

  • Comments to be received by 15 January 2021.