The UK Takeover Panel launches consultation on conditions to an offer, particularly those relating to merger control clearance, and the offer timetable

Overview of the proposed changes The UK Takeover Panel has published a consultation PCP 2020/1 in which it is proposing to amend various provisions in the Takeover Code relating to invoking the conditions to an offer, particularly those relating to regulatory / merger control clearance, and to the offer timetable. The consultation closes on 15 January 2021. The Panel says that it expects to publish a response statement in spring 2021 and that the rule changes will come into force three months later. If implemented as consulted on, the key points to note are as follows: Conditions relating to clearance by the European Commission and CMA The Takeover Code currently affords a special regime to merger clearance by the European Commission (EC) and Competition and Markets Authority

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Authors

  • Herbert Smith Freehills (London)
  • Herbert Smith Freehills (London)
  • Herbert Smith Freehills (London)

Quotation

Robert Moore, Stephen Wilkinson, Mark Bardell, The UK Takeover Panel launches consultation on conditions to an offer, particularly those relating to merger control clearance, and the offer timetable, 27 October 2020, e-Competitions October 2020, Art. N° 97456

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