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ARTICLE · 08 AUGUST 2017

The Takeover Panel Executive Amends Practice Statement No. 20.

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On 13 April 2017, the Takeover Panel Executive announced that it had made the following changes to Practice Statement No. 20: Rule 2 – Secrecy, possible offer announcements and pre-announcement responsibilities

United KingdomCorporate/Commercial Law
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On 13 April 2017, the Takeover Panel Executive announced that it had made the following changes to Practice Statement No. 20: Rule 2 – Secrecy, possible offer announcements and pre-announcement responsibilities:

  • The addition of a sentence to paragraph 8.2 clarifying that the necessity to consult the Executive before more than a total of six parties is approached about an offer or possible offer remains applicable during an offer period relating to a possible offer by any potential offeror which has not been publicly identified.
  • The addition of a new paragraph 8.6 clarifying that in the case of a meeting (including telephone/electronic meetings) with a shareholder or other relevant person before an offer period begins which either relates to the possible offer or would not be taking place save for the possible offer:

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