Overview

The Takeover Panel has published RS 2009/3, its response statement to its consultation in PCP 2009/3 on Amendments to Rule 5.2(c)(iii) of the Takeover Code.

Rule 5.1 of the Code prohibits a person from acquiring an interest in shares where the acquisition would result in him being interested in 30% or more of the voting rights of a target company (or from increasing an existing interest which is between 30% and 50%). This even applies to a bidder during an offer period. Rule 5.2 contains exceptions to the prohibition.

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