Takeover Code—Rule 20—Equality of information
Takeover Code—Rule 20—Equality of information

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

  • Takeover Code—Rule 20—Equality of information
  • Brexit impact
  • Mini-index
  • Rule 20—Setting the scene
  • Rule 20.1—Equality of information to shareholders and persons with information rights
  • Note 4 on Rule 20.1—Investment analyst publications
  • Note 6 on Rule 20.1—Provision of information prior to the commencement of an offer period or prior to the announcement of a firm or revised offer
  • Note 7—Employee communications
  • Rule 20.2—Meetings and telephone calls with shareholders and others
  • Rule 20.3—Videos
  • more

This Resource Note outlines the main provisions of Rule 20 of The City Code on Takeovers and Mergers (Code) and 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 20.

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 LexisPSL and LexisLibrary resources

Brexit impact

In November 2018 the Panel published a consultation paper, PCP 2018/2, which proposed a number of changes to the Code arising from the UK’s withdrawal from the EU. In a response statement, RS 2018/2, published in March 2019, the Panel stated that it intended to adopt these proposals subject to some minor amendments. The proposed amendments are