Q&As

What can an unquoted public company do where a prospective buyer does not want to make a Takeover Code compliant offer for its shares?

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Published on LexisPSL on 07/08/2015

The following Corporate Q&A provides comprehensive and up to date legal information covering:

  • What can an unquoted public company do where a prospective buyer does not want to make a Takeover Code compliant offer for its shares?

What can an unquoted public company do where a prospective buyer does not want to make a Takeover Code compliant offer for its shares?

The City Code on Takeovers and Mergers (the Code) applies to takeover bids, merger transactions and other transactions that have or may have, directly or indirectly, an effect on the ownership or control of UK public companies, not just listed or quoted companies. For further details about who the Code applies to, see Flowchart: When does the Takeover Code apply?—flowchart Accordingly, the Code would apply in connection with the proposed acquisition of an unquoted public company (the Company) by a buyer under the terms of a share purchase agreement (SPA). Where a buyer would rather not make an offer which is governed by

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