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ARTICLE · 29 JULY 2011

Takeover Code Changes Published - Is This a New Era for UK Takeovers?

Mayer Brown
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On 21 July 2011, the Code Committee of the Takeover Panel ("Panel") published the detailed rule changes to the City Code on Takeovers and Mergers ("Code") implementing changes which it first proposed last year.

United KingdomFinance and Banking
Eric Campbell
Eric Campbell
Justine Usher
Justine Usher
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Originally published 21 July 2011

Keywords: Code Committee, Takeover Panel, Takeover Code, detailed rule changes, City Code

On 21 July 2011, the Code Committee of the Takeover Panel ("Panel") published the detailed rule changes to the City Code on Takeovers and Mergers ("Code") implementing changes which it first proposed last year. The rule changes will take effect on Monday, 19 September 2011 ("Implementation Date").

Some of the changes are aimed at reducing the perceived tactical advantage that hostile bidders have over a target while others are designed to improve the offer process and to take more account of the position of persons who are affected by takeovers in addition to target shareholders. The Panel has generally adopted the draft rules published in March 2011 without material amendment.

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