Changes to UK Takeover Code: Most Significant Changes in a Decade Made as Regulatory Scrutiny of M&A Intensifies Worldwide

Sullivan & Cromwell LLP - March 31, 2021

On March 31, 2021, the UK Takeover Panel published the definitive text of changes to the rules governing acquisitions of UK public companies. The changes, which take effect on July 5, 2021, represent the most significant reform to the UK takeover regime in a decade and will be introduced amidst increasing regulatory scrutiny of takeover bids worldwide. This memo considers the reforms in this context, and explores the consequences for UK takeover offer timetables and conditionality.

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