The UK Takeover Panel has recently confirmed a number of amendments to the UK Takeover Code in two Response Statements to its public consultations in the second half of 2017.
On 11 December 2017, the Panel published:
The amendments set out in these Response Statements took effect on January 8, 2018.
Key amendments are:
- A bidder will have to provide details on: its intentions regarding any research and development function of the target; any anticipated material change in the balance of the skills and functions of the target’s employees and management; and the likely repercussions of its strategic plans on the location of the target’s headquarters and headquarters functions.
- Details of the bidder’s intentions (covering the additional matters above) will have to be included in the offer announcement.
- A bidder cannot publish its offer document for at least 14 days from the offer announcement unless the target’s board consents.
- Whether or not a post-offer intention statement has been followed through will need to be publicly announced and notified to the Panel.
- Where a post-offer undertaking is made in the context of a takeover offer, a report on how the undertaking has been complied with must be publicly announced as well as submitted to the Panel.”