The Takeover Panel published two consultation papers yesterday. The first paper sets out the Panel's intention to introduce three new presumptions to the definition of 'acting in concert' in the Takeover Code, the intention being to codify the existing practice of the Panel Executive: see here (pdf). The second paper contains proposed amendments to the definition of 'voting rights' in the Code in relation to the restriction and suspension of voting rights: see here (pdf). Amongst the amendments in this second paper are those intended to remove the scope for a company to issue suspended voting shares as a means of avoiding the normal application of Rule 9 (the mandatory offer and its terms) of the Code.
Wednesday 15 July 2015
UK: Takeover Panel consultation papers - acting in concert and the restriction and suspension of voting rights
The Takeover Panel published two consultation papers yesterday. The first paper sets out the Panel's intention to introduce three new presumptions to the definition of 'acting in concert' in the Takeover Code, the intention being to codify the existing practice of the Panel Executive: see here (pdf). The second paper contains proposed amendments to the definition of 'voting rights' in the Code in relation to the restriction and suspension of voting rights: see here (pdf). Amongst the amendments in this second paper are those intended to remove the scope for a company to issue suspended voting shares as a means of avoiding the normal application of Rule 9 (the mandatory offer and its terms) of the Code.
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