Changes To The UK Takeover Code

Contractual bids for public companies made on or after 5 July 2021 will be subject to new Takeover Code (the "Code") rules.

Changes made to:

• standardise rules for all regulatory authorisations and clearances;
• simplify the contractual bid timetable;
• clarify circumstances in which conditions may be invoked to lapse a bid,

represent the most significant changes to the Code since 2011.

Regulatory conditions

The rule changes ensure that regulatory conditions, being those relating to official authorisation or regulatory clearance from governmental or regulatory bodies are to be treated consistently. Competition clearances will no longer constitute a special category with the potential to automatically lapse a bid.