The Code is designed to ensure that shareholders are treated fairly during the takeover process. They must not be denied the opportunity to decide on the merits of a potential takeover and shareholders of the same class must be afforded equivalent treatment by an offeror. The Code also provides an orderly framework within which takeovers are conducted. As a principles-based set of rules, it is not always easy to comply on a ‘tick box’ basis and early input from experienced advisers is essential.
The Takeover Code is implemented and overseen by the Panel on Takeovers & Mergers, a non-governmental regulatory organisation. Our CEO and Founder Brian Stockbridge served as a Regulator for the Panel on Takeovers & Mergers, where he presided over 150 transactions, many worth over £1bn. He therefore has extensive first-hand experience of the Takeover Code and our consulting services in this area are led and informed by this expertise.