Changes to make the Takeover Code gender neutral
The Takeover Panel has published Instrument 2021/2. It makes amendments to the Takeover Code replacing gender specific terms with gender neutral terms. The amendments do not materially alter the effect of any of the provisions and so the amendments have been made without formal consultation.
The amendments will take effect on 5 July 2021.
Changes relating to conditions to an offer and the offer timetable
In the latest episode of our public M&A podcast series, we discuss the changes to the Takeover Code which were published in April 2021 (see our blog post here). These changes will:
- update the rules on regulatory clearances, including removing the historical, special status for EU merger clearance and UK Competition and Markets Authority (CMA) clearance;
- simplify the timetable for contractual offers; and
- introduce a flexible contractual offer timetable, to accommodate regulatory timetables which run for longer than 60 days.
These changes will come into force on 5 July 2021.