The UK Takeover Panel has published two new Practice Statements on offer-related arrangements and the equality of information to competing offerors for the purposes of obtaining regulatory consents. 

On 8 October 2015, the Panel published Practice Statement No. 29 on offer-related arrangements (Practice Statement No. 29) and Practice Statement No. 30 on information required for the purpose of obtaining regulatory consents (Practice Statement No. 30).

As Practice Statement No. 29 incorporates the contents of Practice Statement No. 23 on inducement fees and other offer-related arrangements and Practice Statement No. 27 on directors’ irrevocable commitments and letters of intent,  in each case, with a number of minor amendments, Practice Statements No. 23 and No. 27 have been withdrawn.

If you have any questions regarding the matters covered in this publication, please reach out to any of the lawyers listed below or your usual Davis Polk contact.

This communication, which we believe may be of interest to our clients and friends of the firm, is for general information only. It is not a full analysis of the matters presented and should not be relied upon as legal advice. This may be considered attorney advertising in some jurisdictions. Please refer to the firm's privacy notice for further details.

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