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ARTICLE · 18 SEPTEMBER 2012

Sponsors Working With The New Takeover Code Rules

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On Friday the 28 day "put up or shut up" period for The Carlyle Group’s potential bid for Chemring was extended in the latest example of a private equity sponsor dealing with the recent Takeover Code changes.

United KingdomCorporate/Commercial Law
Luke Powell
Luke Powell

TAKEOVER PANEL CONSENT FOR CARLYLE "PUT UP OR SHUT UP" EXTENSION

On Friday the 28 day "put up or shut up" period for The Carlyle Group's potential bid for Chemring was extended in the latest example of a private equity sponsor dealing with the recent Takeover Code changes.

In the aftermath of the Kraft takeover of Cadbury, well publicised changes were made to the Takeover Code in September last year to make it more "target friendly". Those changes were thought to have a particularly adverse impact on private equity sponsors wanting to pursue public to private transactions.

The changes included an accelerated "put up or shut up" regime under which a bidder must either announce a firm intention to make an offer or withdraw from bidding within 28 days of being named as a potential bidder. Commentators expected that private equity houses would find it difficult to arrange fully committed certain funds compliant financing and complete due diligence within this 28

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