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Changes to the UK Takeover Code

Overview

The UK Takeover Panel has published important changes to its rules governing takeovers of public companies in the UK. The most significant changes continue the ongoing theme since 2011 of rebalancing the Takeover Code more in favour of target companies, as well as other stakeholders, such as employees. These new rules are to come into effect on 8 January.

 

This article details these amendments and examines separate changes intended to prevent a bidder circumventing key Code provisions by purchasing a target company's assets after a failed bid, as well as other changes in the detail of the Code.