The Panel on Takeovers and Mergers (commonly referred to as the “Takeover Panel”, or simply the “Panel”) is an independent body, established in 1968, which is responsible for oversight of takeovers of all companies “listed” in London, or which are based in the UK and whose shares are otherwise publicly traded. Created to protect the reputation of the City of London when the era of public company takeovers first began, the Panel became a unique institution whose authority was first given recognition by the courts in the Datafin case (1986) and is now based in statute pursuant to the EU Takeover Directive of 2004.
Under its statutory powers to make rules concerning takeover activity, the Panel issues and administers the City Code on Takeovers and Mergers (the “Code”), whose formal Rules regulate the conduct of takeovers subject to the Panel’s jurisdiction and it supervises and regulates takeovers and other matters to which the Code applies. The Panel’s central objective, it states, is to ensure fair treatment for all shareholders in takeover bids.
This webinar looks at:
- The history and development of the Panel, its constitution and membership, its legal status and its relationship with the FCA as the official regulator of UK securities markets, and its enforcement powers
- The way in which the Panel operates, its interaction with those engaged in takeover transactions, its publication of notices and formal “statements”, and its adjudication procedures in cases of dispute
- The development of the Code and amendments made to it, the Code’s structure, an outline of its principal Rules and associated “Notes”, and its relationship with the provisions in the Companies Act 2006 concerning takeovers and with other relevant regulations
- 1 hours
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