The following Competition guidance note Produced in partnership with Suzanne Rab of Serle Court provides comprehensive and up to date legal information covering:
The City Code on Takeovers and Mergers (the Code) contains the main rules and principles which regulate the conduct of a UK public takeover. Offerors will need to consider the possible application of merger control rules on the timetable and conduct of an offer to which the Code applies and on the terms of such an offer.
The Code is a non-statutory set of rules developed and enforced by the Panel on Takeovers and Mergers (the Panel).
The Code comprises six general principles including (amongst others) the principles that equal treatment must be accorded to all shareholders; the principle that adequate information and advice must be provided to all shareholders to enable them to assess an offer; and the principle of maintenance of orderly and fair markets in shares.
In addition, the Code contains 38 detailed rules including:
Rule 2.1: absolute secrecy pre-announcement
Rule 9: the circumstances in which a 'mandatory offer' must be made following the acquisition of certain voting rights in a listed company
Rule 12: a requirement for the offer to lapse if there is a second-stage procedure under UK or EU merger control before the first closing dateor the date the offer becomes or is declared unconditional as to acceptances, whichever is later.
For details of the regulatory regime applicable to public company takeover
**excludes LexisPSL Practice Compliance, Practice Management and Risk and Compliance. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
Take a free trial
0330 161 1234