Publications

Dealings in Derivatives and Options Consultation Paper Issued by The UK Takeover Panel

Spring 2005
Investment Management Developments - Spring 2005

The Panel on Takeovers and Mergers (the "Panel") is the body charged with the responsibility for the regulation of takeovers of public companies (listed and unlisted) resident in the United Kingdom, the Isle of Man and the Channel Islands. It also regulates the takeover of private companies whose shares were previously held by the public. The Panel is a self-regulatory, non-statutory body with the support of the Bank of England. The Panel is the author of the City Code on Takeovers and Mergers (the "Code") and ensures compliance with the Code and SARs by monitoring every takeover. It should be noted that the main purpose of SARs is to control the speed with which the shares of a target company are acquired if such acquisition amounts to 10%, or more of the aggregate voting rights of the target company (and when aggregated with any shares or rights already held by such buyer) would carry 15% or more (but in any event less than 30%) of the total voting rights of that target company. The Panel is designated under the Companies Act 1985 and the Financial Services and Markets Act 2000 to receive regulatory information.