Overview

Following the political fall-out over Kraft’s takeover of Cadbury in June, the Code Committee of the Panel on Takeovers and Mergers published a public consultation paper seeking comments on a variety of proposals to amend the Takeover Code.

The stated aim was to look at changes to the Code that would aid target companies in defending against hostile takeovers. The decision to embark on the consultation was made in light of widespread commentary and public discussion on various aspects of the regulation of UK takeovers.

This briefing from Nabarro sums up the key amendments to the Code to reduce the tactical advantages for hostile bidders.