We have published the fourth edition of the “Herbert Smith Freehills Code Companion”, which is an index designed to assist UK public M&A practitioners when considering Takeover Code issues.

It enables readers to search for particular topics in the Code and then points the reader to the most important Code rules and public sources of guidance and information from the Takeover Panel on those topics. In preparing the Code Companion, we have included the topics we believe you are most likely to search for.

This edition reflects all the latest changes to the Takeover Code, as well as the new Practice Statement No. 33, published by the Takeover Panel this week, on bidders purchasing target shares in an offer period.

As practitioners will be aware, the Panel must always be consulted in cases of doubt and general guidance given by the Panel is not a substitute for consulting the Panel on the application of the Code in a particular case; however, we hope that you will find the Code Companion a useful starting point when dealing with public M&A.

The Code Companion can be accessed on our website and on our Takeovers Portal.

The Portal contains various materials which will assist you in understanding and advising on takeovers, including

  • our latest insights on public M&A,
  • specific and general guides to takeovers (including on the new Practice Statement on bidders acquiring target shares during an offer period) and
  • some useful precedents for the early stages of an offer.

You can register to access the Portal here. Once registered you can opt to receive notifications of additions to the portal, including our latest thinking and monthly public M&A updates.

If you would like further information on any of the issues covered in the Code Companion please ask your usual Herbert Smith Freehills contact.

Mark Bardell
Mark Bardell
+44 20 7466 2575

Antonia Kirkby
Antonia Kirkby
+44 20 7466 2700

Caroline Rae
Caroline Rae
+44 20 7466 2916