Title

UK Takeover Code – Miscellaneous Changes and Practice Statement 28
Client Memorandum

Created date

11/27/2014

On 14 November 2014, the UK Takeover Panel published a response statement (RS 2014/1) to its July consultation on miscellaneous changes to the Takeover Code (PCP 2014/1).  The consultation paper proposed a series of minor changes to the Code which largely reflect the development of market practice and, in some instances, tighten the operation of the rules.  The response statement confirms that substantially all of the changes proposed in July will be adopted.

At the same time, the Takeover Panel published Practice Statement 28, dealing with the circumstances in which a bidder may approach a target in order to open or reopen takeover talks in circumstances when the bidder would otherwise be prohibited under the Takeover Code from doing so – for example because the bidder has previously made a “no intention to bid statement” or its offer has lapsed or been withdrawn.
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