Autumn Changes To The Takeover Code – Material Changes In Information, Profit Forecasts And Quantified Financial Benefits Statements

Keywords: Takeover Code, profit forecasts, quantified financial benefits statements,

The Takeover Code rules dealing with profit forecasts and disclosure of material changes in information were amended on 30 September.

The rules on profit forecasts and quantified financial benefits statements have been restructured, and made more consistent with other rules and guidance. In some cases they have been relaxed. Any material changes in information and material new information which come to light after the initial offer document or target circular is published must be announced straight away.

This is the final set of changes to the Takeover Code following consultations issued by the Panel in July 2012. Rule changes relating to companies subject to the Code were also introduced on 30 September, and rule changes relating to pension scheme trustee issues were introduced on 20 May. See our other updates Does the Takeover Code apply? A look at which companies will