On 4 February 2026, UK TO Panel detailed code amendments and adviser note.
- The amendments to the Takeover Code set out in Instrument 2025/1: Dual class share structures, IPOs and share buybacks and Instrument 2025/2: Minor amendments to Takeover Code, take effect from 4 February 2026.
Code and Other Amendments
- Takeover Code website was updated and printed copies dispatched to all subscribers.
- The Panel Executive also published, on Takeover Panel’s website, new Note to Advisers in relation to initial public offerings or admissions to trading and a revised Note to Advisers in relation to Rule 9 waivers, containing a checklist on Rule 9 waiver circular.
- Beta test version of Disclosure Table is also available on Panel’s website, and contains legal entity identifier (LEI) information to be announced by offeree companies and, if relevant, offerors and publicly identified potential offerors, under Rule 2.9 of the Code.
- To assist firms that use data on Disclosure Table for automated production of Rule 8 disclosures, new formats of XLS, the CSV and XML files with information are available.
- Firms are asked to check the compatibility of new file formats with existing systems.
Effectiveness
- Changes resulting from Instrument 2025/1 and Instrument 2025/2 apply 4 February 2026.
- Also, it is intended that the existing Disclosure Table page of the Panel’s website and associated files will be all replaced with the new versions on Wednesday, 1 April 2026.
