Part 28 Takeovers etc (ss 942-992)
Part 28 Takeovers etc (ss 942-992)
Companies Act 2006 | Legislation

942 The Panel

(1)     The body known as the Panel on Takeovers and Mergers (“the Panel”) is to have the functions conferred on it by or under this Chapter.

(2)     The Panel may do anything that it considers necessary or expedient for the purposes of, or in connection with, its functions.

(3)     The Panel may make arrangements for any of its functions to be discharged by—

(a)     a committee or sub-committee of the Panel, or

(b)     an officer or member of staff of the Panel, or a person acting as such.

This is subject to section 943(4) and (5).

943 Rules

(1)     The Panel must make rules giving effect to Articles 3.1, 4.2, 5, 6.1 to 6.3, 7 to 9 and 13 of the Takeovers Directive.

[(1)     The Panel must make rules—

(a)     giving effect to the general principles in Part 1 of Schedule 1C, and

(b)     in accordance with Part 2 of that Schedule.]

(2)     Rules made by the Panel may also make other provision—

(a)     for or in connection with the regulation o

[(1A)     Rules must specify the percentage of voting rights that gives a person control of a company for the purposes of this Chapter and how it is to be calculated.]f—

(i)     takeover bids,

(ii)     merger transactions, and

(iii)     transactions (not falling within sub-paragraph (i) or (ii)) that have or may have, directly or indirectly, an effect on the ownership or control of companies;

(b)     for or in connection with the regulation of things done in consequence of, or otherwise in relation to, any such bid or transaction;