A year after fundamental changes to the Takeover Code came into force, aimed at reducing the “siege” of target companies and correcting the balance of power between bidders and targets, Clifford Chance has produced a good overview of the impact of the reforms, which can be downloaded here. Headline points:
• Target sieges have been significantly reduced.
• PUSU extensions are commonplace.
• Formal sale processes have been popular.
• The UK market remains attractive to overseas bidders.
• The Panel is taking a very robust stance on all offer-related arrangements.
• There is a sense that confidentiality has improved, though leak announcements are just as prevalent.
• Stakebuilding is increasingly being used for deal protection.
See also: Public takeovers by total legal fees, September 2011 to August 2012: article and fees table – The Lawyer
Takeover Panel consulting on removal of residency test, impact of offer on pension schemes, and on profit forecasts, merger benefits statements and material changes in information previously published during an offer period