In our latest public M&A podcast, we discuss the consultation paper published by the Takeover Panel (PCP 2020/1), in which it is proposing to amend various provisions in the Takeover Code relating to the conditions to an offer and to the offer timetable.
The key changes include:
- removing the special treatment afforded to conditions relating to clearance by the European Commission and the Competition and Markets Authority;
- making it easier for parties to request a timetable freeze;
- giving further guidance on when a bidder will be permitted to invoke a condition to an offer;
- only allowing offers to go unconditional as to acceptances when all other conditions have been satisfied; and
- introducing a long stop date on a contractual offer.
In the latest episode in our public M&A podcast series, Mark Bardell and Antonia Kirkby discuss the proposed changes and what impact they may have on bids in practice.
To listen to the full conversation please visit SoundCloud, Spotify or iTunes.
Our earlier blog post on the proposals is available here.
Our public M&A podcast series
All our UK public M&A podcasts are available on our public M&A podcast page. In earlier episodes we discuss:
- formal sale processes;
- standards of disclosure on public M&A;
- statements of intention;
- conditions to an offer and when a condition can be invoked;
- public to private (or P2P) bids;
- the influence of target shareholders on a bid; and
- how the UK Takeover Code applies in a distressed situation.
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