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ARTICLE · 03 JUNE 2013

Does The Takeover Code Apply? A Look At Which Companies Will Be Subject To The Takeover Code From 30 September 2013

Mayer Brown
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In the summer of 2012, the Code Committee of the Takeover Panel issued a consultation examining which companies should be subject to the Takeover Code.

United KingdomFinance and Banking
Kate Ball-Dodd
Kate Ball-Dodd
Justine Usher
Justine Usher
Kirsty Payne
Kirsty Payne
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Keywords: Takeover Code, Takeover Panel, multilateral trading facility, MTF

In the summer of 2012, the Code Committee of the Takeover Panel (Panel) issued a consultation examining which companies should be subject to the Takeover Code. The Panel has now published its response together with the detailed rule changes, which will take effect from 30 September 2013.

There are two key points: (1) The residency test will no longer be relevant for companies which have their registered office in the UK, Channel Islands or Isle of Man (a home territory) if any of their securities are admitted to trading on a multilateral trading facility (MTF) in the UK. AIM is an MTF. (2) The residency test has not been removed in its entirety, however; the test will still apply to certain other companies such as public companies whose securities are admitted to trading solely on an overseas market.

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