• UK TO Panel consulted on amendments to various provisions of the Takeover Code.

Consultation

• Amendments include: requirement for a potential offeror to disclose an obligation to offer a minimum level, or particular form, of consideration; restriction on acquisitions of interests in shares by a mandatory offeror at the end of the offer timetable.
• The look-back period for determining the price of a mandatory offer; chain principle; restrictions following the lapsing of an offer or a statement of no intention to bid.
• Once the Code Committee completes consideration of the responses to the PCP, it will publish a response statement setting out the final text of the amendments to the code.

Effectiveness

• Comments are invited to be submitted until 18 February 2021.