U.K. – TO Panel Takeover Code Revisions

U.K. – TO Panel Takeover Code Revisions

On 2 December 2021, UK TO Panel proposed miscellaneous code amendments.

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


  • 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.


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