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ARTICLE · 24 OCTOBER 2022

Takeover Panel Consultations On Competitive Situations And Miscellaneous Takeover Code Changes

Herbert Smith Freehills Kramer LLP
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The Takeover Panel has published two consultation papers, one on the offer timetable in a competitive situation (PCP 2022/3) and another on miscellaneous amendments to the Takeover Code (PCP 2022/4).

United KingdomCorporate/Commercial Law
Antonia Kirkby
Antonia Kirkby
Robert Moore
Robert Moore
Stephen Wilkinson
Stephen Wilkinson

The Takeover Panel has published two consultation papers, one on the offer timetable in a competitive situation (PCP 2022/3) and another on miscellaneous amendments to the Takeover Code (PCP 2022/4).

The offer timetable in a competitive situation (PCP 2022/3)

The Panel is seeking to clarify how the offer timetable applies in certain competitive situations:

  • Official authorisation or regulatory clearance required – Where one or more official authorisations or regulatory clearances is required by one or both of the bidders, the Panel will not normally introduce an auction procedure under Rule 32.5 until after the last condition relating to a relevant official authorisation or regulatory clearance has been satisfied or waived by each of the bidders.

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