The City Code on Takeovers and Mergers (the "Takeover
Code") has applied to certain Guernsey publicly traded
companies for many years.
In this note we briefly explain what the Takeover Code is, why
it is relevant to Guernsey companies, which companies it applies to
and when it applies. References in this note to
"takeovers" include all types of transaction covered by
the Takeover Code, including schemes of arrangement.
What is The Takeover Code?
The Takeover Code is published by the Panel on Takeovers and
Mergers (the "Takeover Panel"), based in London. It was
created in 1968 for the purpose of regulating the process by which
persons acquire control of publicly traded companies. The Takeover
Code governs the process of takeovers and mergers and does not
concern itself with the financial or commercial merits of the
proposal. The Takeover Code is based on the assumption that if the
process is fair and transparent, then shareholders will be able to
properly assess
