The proposed changes to the Takeover Panel’s code go
further than many corporate partners expected.
“It’s 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 weren’t 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.
“It’s probably been a bit too easy for a...