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ARTICLE · 25 OCTOBER 2018

Takeover Panel 2017/2018 Annual Report And Accounts

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On 23 July 2018, U.K.'s Takeover Panel (Panel), which oversees mergers and acquisitions, published its Annual Report and Accounts for the year ended 31 March 2018.

United KingdomCorporate/Commercial Law
A&O Shearman
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On 23 July 2018, U.K.'s Takeover Panel (Panel), which oversees mergers and acquisitions, published its Annual Report and Accounts for the year ended 31 March 2018.

The report states that 2017/2018 saw a higher level of public M&A than the previous year. The number of firm takeover offers made was 57 (compared to 52 in 2016/2017), and of those, 51 offers became unconditional (compared to 58 in 2016/2017). Thirteen firm offers of over £1 billion in value were announced.

Four letters of private censure and seven "educational/warning letters" were issued.

One case came before the Hearings Committee – the Rangers International Football Club case, where the Panel refused a request for an extension of time to publish a "mandatory bid" offer document to Rangers shareholders. The Panel refused the request on the grounds that the request was notified out of time and stood no reasonable prospect of success. This case was previously covered in the October 2017 issue of

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