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
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