UK Takeover Code amendments take effect on 12 September 2016
An overview of the amendments to the UK Takeover Code in relation to the communication and distribution of information and opinions during an offer which take effect on 12 September 2016.
The amendments to the UK Takeover Code in relation to the communication and distribution of information and opinions during an offer by, or on behalf of, an offeror or offeree company take effect on 12 September 2016 and apply in relation to any on going offers. These changes were published on 14 July 2016 (RS 2016/1) in response to the consultation in PCP 2016/1.
The amendments aim to bring the Code up to date to reflect various technological changes that have taken place since 2009 (when the Code was amended to enable the use of electronic forms of communication to send documents and information to shareholders and certain other relevant persons). A number of the amendments address requirements of the Code which the Code Committee had identified as lacking clarity or where the requirements were being inconsistently applied.
Amended Practice Statements Nos. 2, 3, 20, 22, 25, 29 and 30 also apply from 12 September 2016 and Practice Statement No. 1 will be withdrawn from that date.
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