The UK Takeover Panel publishes consultation on a series of significant changes to the treatment of conditions (and pre-conditions) to offers and the timetable which offers must follow

On October 27, 2020 the U.K. Takeover Panel (the “Panel”) published a consultation (the “Consultation”) on a series of significant changes to the treatment of conditions (and pre-conditions) to offers and the timetable which offers must follow under the U.K. Takeover Code (the “Code”). The consultation calls for comments by January 15, 2021, following which the Panel expects to issue a response statement (in Spring 2021) setting out the final form of the changes it decides to make to the Code. Summary The changes to the Code include: Renaming of key events under and re-ordering of, the Code timetable for contractual offers, including a new procedure for suspending the timetable to deal with delays in obtaining official authorizations or regulatory clearances. Removing the special treatment

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Authors

  • Shearman & Sterling (London)
  • Shearman and Sterling (Abu Dhabi)
  • Shearman & Sterling (London)
  • Shearman & Sterling (London)
  • Shearman & Sterling (London)

Quotation

Laurence Levy, Matthew Powell, Nick Withers, Alex Skelton, Michael Scargill, The UK Takeover Panel publishes consultation on a series of significant changes to the treatment of conditions (and pre-conditions) to offers and the timetable which offers must follow, 27 October 2020, e-Competitions October 2020, Art. N° 98078

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