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ARTICLE · 23 AUGUST 2011

UK Takeover Code — Consultation Update

McCarthy Tétrault
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On March 21, 2011, the Committee of the Panel on Takeovers and Mergers published draft proposals for amendments to the United Kingdom City Code on Takeovers and Mergers (Code) to implement its review of the regulation of UK public takeover bids.

United KingdomCorporate/Commercial Law
Paul Airley
Paul Airley
Claire Atkins
Claire Atkins
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Background

On March 21, 2011, the Committee of the Panel on Takeovers and Mergers published draft proposals for amendments to the United Kingdom City Code on Takeovers and Mergers (Code) to implement its review of the regulation of UK public takeover bids. In our article published in Volume 5, Issue 4 of the Business Law Quarterly, we outlined the review consultation process and preliminary conclusions reached by the Committee during 2010, driven by the public outcry in the UK over the Kraft Foods Inc. takeover of Cadbury plc.

Proposals

The proposals substantially implement the proposed changes to the Code outlined in the Committee's preliminary conclusion paper of October 2010, and are as follows:

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