• UK Takeover Code: The Panel Widens the Net
  • May 20, 2013 | Author: Richard May
  • Law Firm: Fried, Frank, Harris, Shriver & Jacobson (London) LLP - London Office
  • On 15 May 2013, the UK Takeover Panel (the Panel) announced important changes to the scope of the City Code on Takeovers and Mergers (the City Code). Essentially, these changes mean that takeover bids for a wider range of companies will now be subject to the City Code, including bids for all companies incorporated in the United Kingdom, the Channel Islands or the Isle of Man (Relevant Companies) which are quoted on AIM. However, in a departure from the original proposals, the City Code will not be extended to apply to bids for Relevant Companies which only have a US listing if they are managed and controlled from outside the United Kingdom, the Channel Islands or the Isle of Man.