• UK TO Panel published revised Takeover Code and amended Practice Statement 31.
• Follows UK TO Panel Dec. 2023, issued 14th edition Code/other updates.

Takeover Code

• Revisions reflect amendments in Instrument 2023/4 (central counterparty recovery and resolution), Instrument 2024/1 (The Pensions and Lifetime Savings Association), as well as Instrument 2024/2 (document charges), minor typographical amendments.
• Incorporates revised/renamed Practice Statement 31 per Panel Statement 2024/12.
• An amendment has also been made to section 5(d) Practice Statement 20 (Rule 2 – Secrecy, possible offer announcements and pre-announcement responsibilities).
• Amended pages of the Takeover Code will be sent to subscribers in due course.

Panel Statement 31

• UK TO Panel issued revised/renamed Practice Statement 31 (Formal sale processes, private sale processes, strategic reviews and public searches for potential offerors).
• First issued in Jul. 2017, covering strategic reviews, formal sale processes and other circumstances for seeking potential offerors, but not addressing private sale processes.
• The amended version sets out a new practise adopted by Executive to address this.
• Published on UK TO Panel website; hard copies to be sent to subscribers in due course.