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ARTICLE · 27 APRIL 2016

Takeover Code: Code Committee Publishes Consultation On Communication And Distribution Of Information

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On 15 February 2016, the Code Committee of the Takeover Panel published a consultation (PCP 2016/1) on The communication and distribution of information during an offer.

United KingdomCorporate/Commercial Law
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On 15 February 2016, the Code Committee of the Takeover Panel published a consultation (PCP 2016/1) on The communication and distribution of information during an offer. The paper seeks feedback on proposed amendments to the Takeover Code relating to the communication and distribution of information and opinions during an offer by or on behalf of an offeror or offeree.

The proposed amendments to certain rules of the Takeover Code include:

Equality of Information to Shareholders (Rule 20.1)

Information about an offer will have to be made available to offeree shareholders and persons with information rights via a RIS.

In addition, any offer information, whether presentations or documents, made available to (or used in meetings with) any shareholder or other relevant person, or any article, letter or other written information provided to the media, must be published on a website promptly after it is released, whether or not it contains any material new

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