How Takeover Code changes will affect hostile bids

Author: | Published: 22 Oct 2010

Changes to put-up-or-shut-up rules and the tightened bid timetable will make hostile takeovers more difficult, say UK corporate partners.

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Under the proposed changes, announced on October 21, the bidder must identify itself immediately and then has only four weeks to make a bid or pull out. Crucially, any extension to the deadline will require a joint application by both bidder and target.

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The shortened timetable means hostile bidders need to spend a lot more time and money to prepare their offer before...