Panel warning on deal protections: UK Takeover Panel review of the 2011 changes to the Code

The UK Takeover Panel has conducted its promised operational review of the reforms to the Code which took effect in September 2011. The Panel believes the reforms have operated ‘satisfactorily’ and concludes that no immediate changes to the Code are necessary, although it plans to keep certain areas under review, notably deal protection measures, formal sale processes and market flex disclosures.

Significant comments in the review highlight the Panel’s robust approach to the key area of deal protection measures such as break fees, exclusivity undertakings and implementation agreements.

The Panel believes the ban on deal protection measures has achieved its objective of redressing what it had perceived as the tactical imbalance between bidder and target. However, some bidders seem to have had difficulty in complying with the new rules, crossing the boundary of what is permissible…

If you are registered and logged in to the site, click on the link below to read the rest of the DLA Piper briefing. If not, please register or sign in with your details below.

Sign in or Register to continue reading this article

Sign in


It's quick, easy and free!

It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.

Register now

Why register to The Lawyer


Industry insight

In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.


Market intelligence

Identify the major players and business opportunities within a particular region through our series of free, special reports.


Email newsletters

Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.

More relevant to you

To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.

Briefings from DLA Piper

View more briefings from DLA Piper

Analysis from The Lawyer

View more analysis from The Lawyer


3 Noble Street

Turnover (£m): 1,566.29
No. of lawyers: 3,961 (UK 200)
Jurisdiction: global
No. of offices: more than 75
No. of qualified lawyers: 542 (International 50)
No. of partners: 142.6