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ARTICLE · 03 MAY 2013

Amendment Of Takeover Code

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Under amendments to the Takeover Code with effect from 20 May 2013, pension scheme trustees will be entitled to receive certain of the offer documents as well as information on the bidder's intentions on employer contributions and funding the scheme deficit.

United KingdomFinance and Banking
Clive Weber
Clive Weber

Under amendments to the Takeover Code with effect from 20 May 2013, pension scheme trustees will be entitled to receive certain of the offer documents as well as information on the bidder's intentions on employer contributions and funding the scheme deficit. Trustees are to be entitled to have their opinion of the effect of the bid on the pension scheme included in the target company's response to the offer.

Wedlake Bell comment: from trustees' perspective formalising scheme trustees' status in a bid situation is welcome.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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