On 7 July 2017, the Panel on Takeovers and Mergers ("Takeover Panel") published Panel Statement 2017/12, announcing the publication of Practice Statement No. 31, which deals with strategic reviews, formal sale processes and other circumstances in which a company is seeking potential offerors. The statement also addresses the consequential withdrawal of, and amendments to, other Practice Statements.
In particular, the Practice Statement discusses the way in which the panel executive ("Panel Executive") normally interprets and applies Rules 2, 21.1 and 21.3, concerning announcements, inducement fees and equality of information to competing offerors.
The Practice Statement can be accessed here:
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
