Commentary

11 The City Code on Takeovers and Mergers

COMPANIES vol 11 acquisitions, mergers, demergers
| Commentary

11 The City Code on Takeovers and Mergers

| Commentary

11 The City Code on Takeovers and Mergers

The City Code on Takeovers and Mergers (‘the City Code’) applies to offers for all listed and unlisted public companies considered1 by the Panel on Takeovers and Mergers to be resident in the United Kingdom, the Channel Islands or the Isle of Man. It also applies to offers for private companies where certain conditions are satisfied. The City Code does not apply to open-ended investment companies.

In determining whether or not the City Code applies to an acquisition, it is the nature of the company which is the target or potential

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