Takeover Code—Rule 2—Secrecy before announcements; the timing and contents of announcements
Takeover Code—Rule 2—Secrecy before announcements; the timing and contents of announcements

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

  • Takeover Code—Rule 2—Secrecy before announcements; the timing and contents of announcements
  • Changes to the Code
  • Mini-index
  • Rule 2—Setting the scene
  • Rule 2—General
  • Rule 2.1—Secrecy
  • Rule 2.2—When an announcement is required
  • Rule 2.2(c)
  • Rule 2.2(d)
  • Rule 2.2(e)
  • More...

Takeover Code—Rule 2—Secrecy before announcements; the timing and contents of announcements

This Resource Note outlines the main provisions of Rule 2 of The City Code on Takeovers and Mergers (Code), which deals with the requirement for secrecy before an announcement and the timing and content of offer announcements. It highlights relevant materials, commentary and guidance from the Panel on Takeovers and Mergers (Panel), as well as Lexis®PSL analysis and resources, to give practical guidance on the interpretation and application of Rule 2.

Materials covered in this Resource Note include:

  1. 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

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

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

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

  5. newsletters, technical and procedural notes published by the Financial Conduct Authority (FCA)

  6. relevant LexisPSL and LexisLibrary resources

Changes to the Code

In March 2021 the Panel published a response statement in which it confirmed that it would be proceeding with amendments to the Code relating to the treatment of offer conditions and the offer timetable. The amended Code applies to all firm offers which are announced on

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