UK Takeover Code - checklists and forms now required
The Takeover Panel has published for the first time a set of checklists and supplementary forms that must be completed and sent to the Executive when publishing certain announcements and documents to be sent to shareholders/optionholders in the offeree company.
On 14 December 2016, the Takeover Panel published for the first time a set of checklists and supplementary forms that must be completed and sent to the Executive by the financial adviser to an offeror or an offeree company (as appropriate) when publishing a firm offer announcement and the final forms of certain other documents to be sent to shareholders/optionholders in the offeree company. These forms and checklists are new and take immediate effect. (See Panel Statement 2016/9)
The checklists and forms apply to any final form firm offer announcement, offer document, offeree board circular, scheme circular or Rule 15 offer/proposal required to be sent to the Panel before or at the time of publication in accordance with Rules 30.5(a) or 30.5(b) of the Takeover Code.
The Panel Statement notes that “The checklists are intended to benefit parties to offers, their advisers and the Executive when assessing the compliance of such announcements and documents with the applicable provisions of the Takeover Code.”
The checklists and supplementary forms can be downloaded from the Checklists page of the Panel’s website. The website also has information on how to complete the checklists and submit them to the Panel.
