M&A Foundations · glossary
The City Code on Takeovers and Mergers — the rulebook, administered by the Takeover Panel, governing bids for UK public companies, with mandatory offers, strict timetables and equal treatment of shareholders. A different world from the private deals in this workbook. Chapter 3
Explained in Chapter 3, Deal Types and Structures, of M&A Foundations.
Everything in this workbook assumes a privately held target. If the target's shares are listed — a UK-listed plc, say — you step into a different and far more regulated world: the Takeover Code, administered by the Takeover Panel. The Code dictates the conduct and timetable of the bid. It imposes strict announcement obligations once talks leak or a possible offer emerges, and equal treatment of all shareholders. A buyer (with its concert parties) that crosses 30% of the…Read Chapter 3, Deal Types and Structures →
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