Takeover Panel proposes reforms to address dual class share structures, IPO disclosures and share buybacks
Corporate analysis: The Takeover Panel (Panel) has published a consultation paper, PCP 2025/1, proposing amendments to the Takeover Code (Code) to address the regulatory treatment of dual class share structures (DCSS), clarify disclosure obligations at IPO, and simplify the rules governing share buybacks. The proposals aim to modernise the Code in light of recent market developments, particularly the FCA’s introduction of the UK Listing Rules, and to ensure that the Code continues to provide fair and effective protection to shareholders.