Proposed changes to the rules governing UK public
takeovers set out a strict new regime that requires bidders to
think carefully about the promises they make during a takeover
The changes tabled by the UK Takeover
Panel’s distinguish between statements relating to
a course of action an offer party intends to take after the end
of the offer period (post-offer intention statements) and those
in which it commits to a particular course of action after the
end of the offer period (post- offer undertakings).
The changes are intended to make it easier to hold companies
to promises they make to secure an acquisition. "The Takeover
Panel has proposed these changes as a direct result of
Pfizer’s approach to AstraZeneca during which
Pfizer publically made some unusual...