A New Era In UK Takeover Regulation

Law360, New York (October 11, 2011, 6:47 PM EDT) -- Significant changes to the U.K. Takeover Code took effect on Sept. 19, 2011, and will impact the manner in which private equity houses conduct takeovers of U.K.-listed or other companies subject to the code (public to private transactions).

The changes arose after a review by the U.K. Takeover Panel following the furore surrounding Kraft's takeover of Cadbury in 2010. There was a general concern that offerers had gained tactical advantages over targets in public takeovers and that protracted "virtual offers" (where an offerer could make an...
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