CLLS and Law Society publish specimen documents ahead of mergers reform

Article summary

A Joint Working Party of the Company Law Committees of the City of London Law Society (CLLS) and the Law Society of England and Wales (Law Society) (the Joint Working Party) has published specimen documents to reflect the changes to the City Code on Takeovers and Mergers (Code), which come into effect on Monday 5 July 2021. This follows the Takeover Panel (Panel) confirming in March 2021 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 or after 5 July 2021 (implementation date), except where to do so would give the amendments retroactive effect. Any ongoing firm offers which straddle the implementation date, and any offers announced on or after the implementation date which are in competition with such ongoing offers, continue to be subject to the unamended provisions of the Code.