Takeover Code—Introduction
Takeover Code—Introduction

The following Corporate guidance note provides comprehensive and up to date legal information covering:

  • Takeover Code—Introduction
  • Brexit impact
  • Mini-index
  • Introduction—Setting the scene
  • Section 1—Overview
  • Section 2(a)—Nature and purpose of the Code
  • Section 2(c)—Derogations and waivers
  • Section 3(a)—Companies subject to the Code
  • Section 3(a)(iii)—Shared jurisdiction
  • Section 3(b)—Transactions
  • more

This Resource Note outlines the main provisions of the Introduction to The City Code on Takeovers and Mergers (Code), which deals with the status of the Panel on Takeovers and Mergers (Panel), the nature and purpose of the Code, the circumstances in which the Code will apply, the Panel and its Committees, the Panel Executive (Executive), the rules on interpretation of the Code, the Takeover Appeal Board (Appeal Board), the Panel’s powers to require documents and information, enforcement of the Code and the Panel’s disciplinary powers. It highlights relevant materials, commentary and guidance from the Panel, as well as Lexis®PSL analysis and resources, to give practical guidance on the interpretation and application of the Introduction.

Materials covered in this Resource Note include:

  1. detailed notes accompanying the Code (Notes), which expand on the intended manner of the implementation of the Rules and relevant Appendices dealing with specific issues

  2. Practice Statements issued by the Panel Executive (the body that carries out the day-to-day work of takeover supervision and regulation) (Executive) to provide informal guidance as to how the Executive normally interprets and applies the Code

  3. Panel Statements published by the Panel (P/S) and Panel Instruments

  4. Public Consultation Papers (PCP) and Response Statements (RS) published by the Code Committee

  5. Annual Reports published by the Panel containing discussion of general issues (Annual Reports)

  6. relevant Lexis®PSL and