This memorandum is a general guide to takeovers of UK incorporated and listed companies subject to The City Code on Takeovers and Mergers. It describes the UK bodies which regulate takeovers of such companies and summarises the more important legislation and rules under which they do so.
Topics covered in this memorandum include:
relevant regulatory bodies, especially The Panel on Takeovers and Mergers
the City Code, with summaries of key provisions
other relevant legislation and rules, including legislation regarding prospectuses
schemes of arrangement
dealing and disclosure requirements
important thresholds of shareholdings in takeovers
summary offer timetables
UK competition and national security and investment legislation
EU competition and foreign subsidies rules
brief summary of the basic jurisdictional tests and notification requirements of the national merger control regimes in some other EU and EFTA states
