The Takeover Panel has just published its response statement (2020/1) making important changes to the Takeover Code regarding offer conditionality and timetable. They take effect on 5 July 2021 and will apply in relation to firm offers announced on or after that date. We set out our initial views and the key points below, and there’s a lot to consider and talk about, particularly in terms of how these affect deal tactics and preparation/planning.
We are keen to come and talk to you about this whenever suits, but if you have any questions in the meantime please don’t hesitate to ask.
Authored by Tom Brassington, Nicola Evans, Maegen Morrison, Patrick Sarch, Daniel Simons, John Holme.
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