Background
The UK Takeover Code, operated by the Takeover Panel, is the
regulatory regime that governs the majority of public takeovers in
the UK. The Takeover Code is an evolving document and changes
occur, normally following a consultation process, fairly regularly.
The last set of major changes were introduced in September
2011.These included provisions trying to prevent what were termed
virtual takeovers, provided transparency on previously standard
offer related arrangements, banned break fees except in particular
circumstances and added some disclosure requirements, particularly
in relation to fees. The changes were much discussed at the time
and many thought that they were likely to have a large effect on
the conduct of takeovers. Experience since then has not necessarily
borne that out and it will be interesting to see what effect the
latest changes have on takeovers.
