• 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.