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The Takeover Code, or more formally The City Code on Takeovers and Mergers, [1] is a binding set of rules that apply to listed companies in the United Kingdom, such as those trading on the London Stock Exchange. Many of its provisions are mirrored in the EU Takeover Directive. [2]
Takeovers in the UK (meaning acquisitions of public companies only) are governed by the City Code on Takeovers and Mergers, also known as the 'City Code' or 'Takeover Code'. The rules for a takeover can be found in what is primarily known as 'The Blue Book'. The Code used to be a non-statutory set of rules that was controlled by city ...
Under the 2011 Takeover Code, these percentages were raised to 20% and 26% respectively. [18] The 2011 Takeover Code also provides for further mandatory bids by an incumbent who holds between 25% and 75% of a target upon an increase in holdings of at least 5% during a financial year. [19]
In 2006, the Code was put onto a statutory footing as part of the UK's compliance with the European Directive on Takeovers. [2] The Code requires that all shareholders in a company should be treated equally, regulates when and what information companies must and cannot release publicly in relation to the bid, [3] sets timetables for certain ...
The Panel on Takeovers and Mergers, or more commonly The Takeover Panel, is the United Kingdom's regulatory body charged with the administration of The Takeover Code. It was set up in 1968 and is located in London, England. Its role is to ensure that all shareholders are treated equally during takeover bids. Its main functions are to issue and ...
A Rule 3 adviser in the UK is a firm authorised, under the Takeover Code, to advise the shareholders of a company when there is an offer made for the company. [1]No person who is not so authorised may advise shareholders, especially minority shareholders, on the merits or otherwise of an offer or approach nor deal in the securities involved.
Pages for logged out editors learn more. Contributions; Talk; City Code on Mergers and Takeovers
A defensive move in a takeover bid, in which the target company plays for time being, in the hope that a white knight will come to the rescue. Scorched Earth Policy A defensive move in a takeover bid, adopted by the target company. In order to make itself unattractive as a takeover target, the company borrows money at exorbitant rates of interest.