The proposed changes to the Takeover Panels code go
further than many corporate partners expected.
Its definitely more radical than we
anticipated, said James Palmer from Herbert Smith.
I think the market was expecting a tougher statement on
put-up-or-shut-up rules, not something as direct as the four
weeks rule. We werent expecting a prohibition on
deal protection fees.
Palmer added: If the panel wanted to be seen as
tougher on hostile bids, they have done just that.
The clamp-down on virtual bids was one of the key talking
points among partners given their prominence in recent years.
Its probably been a bit too easy for a...