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Takeover Code changes: a more protective regime?

Overview

The UK’s Takeover Panel is proposing changes to the Takeover Code following the public consultation that took place over the summer, and has now released its statement.

Although any specific rule changes require further public consultation, these changes have been proposed after much internal debate, and include a number of significant changes.

Much of the Panel's statement deals with hostile offers, but a strong thrust of the proposals is the curtailment of deal protection measures, and thus the greater likelihood of abort costs being incurred. Travers Smith outlines the key changes, and their significance.