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The Takeover Panel has published a consultation paper (PCP 2021/1) in which it is proposing a number of minor changes to the Takeover Code. It has also announced that, with immediate effect, it will only accept documents in electronic form. It will no longer accept hard copies. The changes it is proposing in the consultation … Read more
The Takeover Panel has published a third Panel Bulletin, which focuses on irrevocable undertakings and letters of intent and the requirements if a shareholder cannot, or no longer intends to, comply with one it has given. The Panel Bulletins are a new form of guidance to remind people how specific provisions of the Takeover Code … Read more
The final regulations setting out the sectors where notification of transactions will be mandatory under the National Security and Investment Act 2021 have been made. The Department for Business, Energy & Industrial Strategy (BEIS) has also published further guidance on the new regime. The Act, which comes into force on 4 January 2022, gives the UK … Read more
The Department for Business, Energy & Industrial Strategy (BEIS) has published the final version of its Statement on when it will exercise its call-in powers under the National Security and Investment Act 2021 (NSI Act). We discussed the guidance, and the impact of the regime on transactions generally, in a webinar with the Investment Security Unit (ISU) … Read more
The Takeover Panel has published two “Panel Bulletins” – a new form of guidance which the Panel will use to remind people how specific provisions of the Code operate. They do not entail any changes to the interpretation or application of the Code. The first two Panel bulletins are on: Requirements in relation to meetings … Read more
In the latest episode in our public M&A podcast series, we look back at one of the most active summers in the public M&A markets in some time. In particular we discuss the high profile competitive situations, and the auction processes that they have led to, and some of the hostile activity we have seen. … Read more
The Pension Schemes Act 2021, which comes into force on 1 October 2021, will introduce new criminal offences and financial penalties, and two new contribution notice triggers, where a company or group has a defined benefit occupational pension scheme (DB scheme). The government is also consulting on extending the pensions notification requirements. Criminal offences and sanctions The new … Read more
In the latest episode in our public M&A podcast series, we once again turn to the topic of shareholders on public M&A transactions and in particular discuss the Spire takeover where shareholders voted down the scheme to effect the takeover. To listen to the full conversation please visit SoundCloud, Spotify or iTunes. All our podcasts are available on our public … Read more
The Government has announced that the new National Security and Investment Act 2021 will come fully into force on 4 January 2022. This means that mandatory notification requirements will apply to relevant transactions completing on or after that date, and other transactions (including those which have already completed since 12 November 2020) may be the subject of … Read more
