Share on LinkedInShare on LinkedIn

ARTICLE · 14 NOVEMBER 2024

Takeover Panel Response On The Application Of The Takeover Code

Bryan Cave Leighton Paisner
Bryan Cave Leighton Paisner
Contributor
Bryan Cave Leighton Paisner

Bryan Cave Leighton Paisner

UK 2026 Chambers Firm Profile Bryan Cave Leighton Paisner (BCLP) is an international, fully...

View firm profile
Explore more from Bryan Cave Leighton Paisner

The Takeover Code will narrow its focus to UK-registered, UK-quoted companies from February 2025, with transitional arrangements through February 2027 for affected companies to adjust. These changes limit the Code's application based on recent listing status.

United KingdomCorporate/Commercial Law
Nicholas Myatt
Nicholas Myatt
Tom Bacon
Tom Bacon
Tessa Hastie
Tessa Hastie

Summary

The Takeover Code (the "Code") has published its response to its consultation on the application of the Code and is adopting the amendments previously proposed in PCP 2024/1 subject to some modifications. The changes will take effect on 3 February 2025 and transitional arrangements will run for two years until 2 February 2027.

The Code has been amended to refocus its application on companies which are registered in the UK, the Channel Islands or the Isle of Man ("UK registered") and either:

  • any of the company's securities are admitted to trading on a UK regulated market ie. the Main Market, a UK multilateral trading facility ie. AIM and Aquis Growth Market, or a stock exchange in the Channel Islands or the Isle of Man ie. TISE ("UK quoted"); or

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

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.

View source

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

Takeover Trends In 2026

The UK public M&A market in 2026 has already surpassed 2025's total value in just eight months, driven by large-cap deals and a quest for transformational scale. Hostile tactics have become increasingly prominent as bidders appeal directly to shareholders amid persistent valuation gaps, while target boards leverage pre-offer processes to maximize value. This analysis examines the key trends, strategic themes, and tactical developments shaping this remarkable year for UK takeovers.
United KingdomCorporate/Commercial Law
Slaughter and May
Slaughter and May
Article

The National Security And Investment Act 2021: Five Years On – What You Need To Know

The National Security and Investment Act 2021 (NSIA) came into force on 4 January 2022, creating a standalone regime giving the UK Government broad powers to scrutinise – and potentially intervene in – acquisitions and investments on the grounds of protecting national security. Nearly five years on, the NSIA regime is well established. It replaced the national security aspects of the UK Government’s intervention powers under the Enterprise Act 2002 and operates alongside the UK merger control regime.
United KingdomCorporate/Commercial Law
Fox Williams LLP
Fox Williams LLP
Article

Parliament’s Position On SFDR 2.0

The European Parliament's Committee on Economic and Monetary Affairs has adopted its position on the Sustainable Finance Disclosure Regulation reform, establishing key divergences with the European Commission and Council on professional investor exemptions and fossil fuel investment criteria. With trilogue negotiations set to begin in October 2026, private markets managers face critical decisions about how to position their funds under the new three-category framework expected to take effect in early 2029.
United KingdomCorporate/Commercial Law
Proskauer Rose LLP
Proskauer Rose LLP
Article

Corporate Update Bulletin - 3 September 2026

This Corporate Update bulletin examines the most significant UK legal developments of 2026, from capital markets reform and employment rights legislation to corporate criminal liability expansion and competition regime changes. The analysis covers ten major areas of corporate law evolution, alongside recent FCA guidance on regulatory announcements and a High Court decision on shareholder-director settlements.
United KingdomCorporate/Commercial Law
Slaughter and May
Slaughter and May
Article

Spotlight On Agentic AI | Liability

As businesses increasingly deploy agentic AI systems capable of autonomous decision-making and actions, questions arise about supplier liability when AI agents malfunction or produce unexpected results. This article examines the contractual frameworks governing agentic AI relationships, revealing how standard IT contracts may inadequately address the unique risks of autonomous AI systems and exploring strategies for customers to better protect themselves against potential losses from AI agent failures.
United KingdomCorporate/Commercial Law
Bristows LLP
Bristows LLP
Article

What The UK's Tough New Rules On Late Payment Mean For Your Business

The UK Government is implementing sweeping reforms to late payment laws that will fundamentally change how businesses manage supplier payments. These changes include substantial fines for persistent late payers, mandatory statutory interest rates, and a prohibition on payment terms exceeding 60 days. With enforcement powers granted to the Small Business Commissioner and a new binding adjudication system...
United KingdomCorporate/Commercial Law
Travers Smith LLP
Travers Smith LLP