UK Strengthens Takeover Rules To Aid Targets

Law360, New York (July 21, 2011, 4:17 PM EDT) -- The U.K.'s mergers and acquisitions watchdog on Thursday issued new, tighter rules for takeovers, including a "put up or shut up" provision for would-be purchasers and a ban on inducement fees.

The Panel on Takeovers and Mergers' updated code — adopted after a two-month public consultation — is designed to shift the advantage in the deal-making process from the purchaser to the target company in the wake of Kraft Foods Inc.’s controversial $19 billion takeover of Cadbury PLC.

The changes announced Thursday, which will take effect...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.