July 16, 2012

UK Takeover Panel Publishes Three Consultation Papers

Here’s news culled from this Cleary Gottlieb memo:

On July 5th, the Code Committee of the Takeover Panel published three consultation papers inviting comments on proposed amendments to the Takeover Code. The first paper sets out the Code Committee’s proposals for amendments to the provisions of the Code which relate to profit forecasts, merger benefits statements and material changes in information previously published during an offer period. The second paper examines certain issues relating to pension scheme trustees and sets out the Code Committee’s proposals to extend the provisions of the Code that apply to employee representatives to apply also to the trustees of the offeree company’s pension schemes. The third paper is concerned with the companies to which the Code applies and principally deals with the Code Committee’s proposal to remove the residency test from the rules that determine the application of the Code.