Structuring Public Takeovers In The U.K.

Acquisitions and mergers of U.K. public companies are governed by the City Code on Takeovers and Mergers (Code), which is administered by the Panel on Takeovers and Mergers (Panel). The Code consists of six general principles and 38 detailed rules. The general principles underpin the Panel's approach to all issues, with one of the most fundamental principles being that all shareholders must be treated equally.

Application of Takeover Code

The Code applies to takeovers of companies that have their registered office in the U.K., Channel Islands or Isle of Man, and have their securities admitted to a regulated market (for example, the Main Market for listed securities of the London Stock Exchange or AQSE Main Market), or a multilateral trading facility (including the AIM market of the London Stock Exchange or other AQSE markets such as the AQSE Growth Market) in those jurisdictions, as well as takeovers of certain private companies which have public