Takeover Code amendments — profit forecasts, quantified financial benefits statements and material changes in information

The Code Committee of the Takeover Panel has published amendments to the Takeover Code relating to profit forecasts, quantified financial benefits statements and material changes in information. The changes take effect on 30 September 2013.

The amendments to the code are intended to provide clarity to ‘offerors’ and ‘offerees’ who publish profit forecasts before an offer is made and during the offer period and, in certain circumstances, reduce the reporting requirements. While the new provisions are intended to encourage parties to an offer to publish more profit forecasts or quantified financial benefits statements, it remains to be seen whether or not that will be the case…

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