Takeover Code know-how: index

An index of notes providing access to know-how and Takeover Panel practice relating to the Takeover Code Rules, on a Rule by Rule basis. Each of the notes includes links to documents which may help interpret the relevant Rules. Examples of know-how covered include relevant Takeover Panel Practice Statements issued by the Panel Executive, Panel consultation papers and response statements, Panel Statements, selected Panel annual reports and Practical Law resources.



This series of notes provides fast access to know-how on the Takeover Code Rules and the Introduction to, and certain definitions in, the Code. Each note has links to the Code Rules and related Notes, and summarises relevant:

  • Takeover Panel practice statements.

  • Takeover Panel statements.

  • Takeover Panel annual reports.

  • Consultation papers and response statements from the Code Committee of the Takeover Panel.

  • Practical Law know how and resources.

Only those definitions in, and Appendices to, the Code which have been the focus of particular Panel comment and guidance have been included in the index below.

The Takeover Code and the other Takeover Panel documentation reproduced on this service are reproduced with the permission of the Takeover Panel. The Takeover Panel does not accept any responsibility for the accuracy of the copies of the Takeover Code and the other Takeover Panel documentation published on this service.

The information contained on this service is not intended to be, nor should it be treated as such by any person, a comprehensive collection of all documentation relating to the Takeover Code which may be relevant in connection with any individual situation. Parties must not treat the information available on this service as a substitute for seeking and obtaining specific advice concerning individual situations. When there is any doubt whatsoever as to whether a proposed course of action or conduct is in accordance with the General Principles or Rules contained in the Takeover Code, parties or their advisers are strongly advised to consult the Panel Executive in advance.

Permission is granted to print one copy of each of the Takeover Code and other Takeover Panel documentation reproduced on this service to allow them to be read in hard copy format rather than on-line. All other rights are reserved; you may not otherwise copy them and under no circumstances may you publish, distribute or otherwise disseminate copies of them.

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Index of notes

Introduction to the Code ( www.practicallaw.com/2-505-0442)

Definition: Acting in concert ( www.practicallaw.com/4-506-4952)

Definition: Dealings ( www.practicallaw.com/5-509-3505)

Definition: Interests in securities ( www.practicallaw.com/4-509-3488)

Irrevocable commitments and letters of intent ( www.practicallaw.com/6-500-5551)

Rule 1: The approach (no significant know-how)

Rule 2: Secrecy before announcements; the timing and contents of announcements ( www.practicallaw.com/7-384-3891)

Rule 3: Independent advice ( www.practicallaw.com/6-384-3896)

Rule 4: Restrictions on dealings ( www.practicallaw.com/2-384-6024)

Rule 5: Timing restrictions on acquisitions ( www.practicallaw.com/6-384-7045)

Rule 6: Acquisitions resulting in an obligation to offer a minimum level of consideration ( www.practicallaw.com/9-500-5818)

Rule 7: Consequences of certain dealings ( www.practicallaw.com/8-500-5828)

Rule 8: Disclosure of dealings and positions ( www.practicallaw.com/0-504-0053)

Rule 9: The mandatory offer and its terms ( www.practicallaw.com/5-500-6792)

Rule 10: The acceptance condition ( www.practicallaw.com/5-500-6810)

Rule 11: Nature of consideration to be offered ( www.practicallaw.com/2-501-1182)

Rule 12: The CMA and the European Commission ( www.practicallaw.com/9-501-1541)

Rule 13: Pre-conditions in firm offer announcements and offer conditions ( www.practicallaw.com/2-501-1691)

Rule 14: Where there is more than one class of share capital ( www.practicallaw.com/4-501-2736)

Rule 15: Appropriate offer for convertibles etc ( www.practicallaw.com/8-501-2744)

Rule 16: Special deals and management incentivisation ( www.practicallaw.com/7-501-3602)

Rule 17: Announcement of acceptance levels ( www.practicallaw.com/9-501-3700)

Rule 18: The use of proxies and other authorities in relation to acceptances ( www.practicallaw.com/6-501-3706)

Rule 19: Information ( www.practicallaw.com/0-501-4412)

Rule 20: Equality of information ( www.practicallaw.com/5-501-4805)

Rule 21: Restrictions on frustrating action ( www.practicallaw.com/0-501-4940)

Rule 22: Responsibilities of the offeree company and an offeror regarding registration procedures and persons with interests in securities representing 1% or more ( www.practicallaw.com/8-501-4941)

Rule 23: General obligations as to information ( www.practicallaw.com/8-501-5059)

Rule 24: Offeror documents ( www.practicallaw.com/3-502-0954)

Rule 25: Offeree board circulars ( www.practicallaw.com/9-502-2790)

Rule 26: Documents to be published on a website ( www.practicallaw.com/5-502-2805)

Rule 27: Material changes and subsequent documents ( www.practicallaw.com/7-502-5209)

Rule 28: Profit forecasts and quantified financial benefits statements ( www.practicallaw.com/9-502-5213)

Rule 29: Asset valuations ( www.practicallaw.com/2-502-5216)

Rule 30: Distribution of documentation during an offer ( www.practicallaw.com/4-502-3419)

Rule 31: Timing of the offer ( www.practicallaw.com/5-502-9005)

Rule 32: Revision ( www.practicallaw.com/1-502-9088)

Rule 33: Alternative offers ( www.practicallaw.com/1-503-3288)

Rule 34: Right of withdrawal ( www.practicallaw.com/9-503-3294)

Rule 35: Restrictions following offers ( www.practicallaw.com/2-503-3297)

Rule 36: Partial offers ( www.practicallaw.com/4-503-4738)

Rule 37: Redemption or purchase by a company of its own securities ( www.practicallaw.com/7-503-4746)

Rule 38: Dealings by connected exempt principal traders ( www.practicallaw.com/6-503-9481)

Appendix 1: Whitewash guidance note ( www.practicallaw.com/1-504-9920)

Appendix 5: Tender offers ( www.practicallaw.com/3-504-9603)

Appendix 7: Schemes of arrangement ( www.practicallaw.com/6-505-3090)

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