The clock is ticking

Author: Gemma Varriale | Published: 11 Jul 2011

After months of debate, conjecture and lobbying, the implementation date for the amended UK Takeover Code has finally been announced.

The new rules will be in effect from September 19. The full text of the amended Takeover Code will be published by the end of July, giving market participants a month and a half to get to grips with the changes before they come into force.

In a guidance note issued on July 1, the Takeover Panel also set out the transitional arrangements for the implementation of the changes.

Of most interest is the treatment of deals which are already underway on the implementation date of September 19. The guidance note states that if an offer period is already underway, the offeree company would be required to announce the identity of any offeror by 5pm on that date.

Paul Whitelock from Norton Rose in London said the idea was sensible...