The UK Takeover Panel has recently confirmed a number of amendments to the UK Takeover Code in three Response Statements to its public consultations earlier this year.
On 23 October 2015, the Panel published:
- Response Statement 2015/1 to its May 2015 consultation on the treatment of dividends (PCP 2015/1);
- Response Statement 2015/2 to its July 2015 consultation on additional presumptions to the definition of “acting in concert” (PCP 2015/2); and
- Response Statement 2015/3 to its July 2015 consultation on the use of restrictions and suspensions of voting rights to avoid the normal application of Rule 9 (PCP 2015/3).
The amendments to the Code set out in these Response Statements will take effect on 23 November 2015.