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ARTICLE · 27 SEPTEMBER 2011

Changes To The Takeover Code

Charles Russell Speechlys LLP
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A new version of the Takeover Code will take effect on Monday, 19 September 2011.

United KingdomCorporate/Commercial Law
Adam Carling
Adam Carling
Lauri-Lynn Pursall
Lauri-Lynn Pursall

A new version of the Takeover Code will take effect on Monday, 19 September 2011. Subject only to a few modifications, the Panel has decided to adopt the amendments to the Code which were proposed in its consultation paper of March 2011 - and summarised in our earlier briefing note. These changes follow a period of review and consultation dating back to February 2010, and represent a conscious attempt on the part of the Panel to tilt the balance of power in a UK takeover back towards the target company.

This briefing note summarises the key changes and considers some of the possible implications for public M&A practice in the UK.

Rule 2.4/ possible offer announcements & "put up or shut up (PUSU)" period

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