UK Takeover Code — changes afoot for some AIM companies

By Simon McLeod

The UK Takeover Code, operated by the Takeover Panel, is the regulatory regime that governs the majority of public takeovers in the UK. The Takeover Code is an evolving document and changes occur, normally following a consultation process, fairly regularly. The last set of major changes was introduced in September 2011. These included provisions trying to prevent what were termed virtual takeovers, provided transparency on previously standard offer-related arrangements, banned break fees except in particular circumstances and added some disclosure requirements, particularly in relation to fees. The changes were much discussed at the time and many thought that they were likely to have a large effect on the conduct of takeovers. Experience since then has not necessarily borne that out and it will be interesting to see what effect the latest changes have on takeovers…

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