The Takeover Panel has just published its response statement (2020/1) making important changes to the Takeover Code regarding offer conditionality and timetable. They take effect on 5 July 2021 and will apply in relation to firm offers announced on or after that date. We set out our initial views and the key points below, and there’s a lot to consider and talk about, particularly in terms of how these affect deal tactics and preparation/planning. Our view the changes are broadly logical and welcome, and (although there’s a lot of detail) we expect them to “bed-in” and be accepted by the market fairly easily in practice. Most of the timetable and acceptance
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