The Takeover Panel: Further Proposed Changes to the UK Takeover Code

July 27, 2012
The UK Panel on Takeovers and Mergers has published three public consultation papers, which propose a series of wide-ranging changes to the Takeover Code. These changes were proposed partly in response to responses received by the Takeover Panel to its previous consultations. This update examines the consultation papers and the proposed changes in matters relating to the target’s pension scheme(s), the criteria for companies to be subject to the Takeover Code, and profit forecasts, quantified financial benefit statements and material changes in information. The update also highlights some of the consequences to companies which have securities admitted to trading (but are not currently subject to the Takeover Code) if the changes proposed are implemented.