Takeover Code changes do not present major reform

Takeover Code changes do not present major reform


Will proposed amendments to the Takeover Code reform takeover conduct? Although strengthening certain elements, Adam Bogdanor, partner at Berwin Leighton Paisner LLP, does not believe the proposed amendments will make a significant difference to takeover conduct.

Original news

The Code Committee of the Takeover Panel (the Panel) has issued a public consultation paper proposing a series of diverse amendments to the detail of various provisions of the City Code on Takeovers and Mergers (the Code).

What is the background to the proposed changes?

Takeover activity in the UK has increased over the last few years, but it is still lower than in the period before the financial crisis (pre-2008). There were 17 announced transactions in the first half of 2014, only one of which was hostile. However, the Panel is neutral as to the level of takeover activity. The proposals which it sets out in its public consultation paper, ‘Miscellaneous Amendments to the Takeover Code (PCP 2014/1)’ are merely intended to refine certain elements of the Code.

Are there any themes or trends underpinning the consultation?

There are no particular themes running through the consultation. The proposed changes seek to provide greater

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