Major overhaul of UK takeover rules

Event Details

On-demand webinar

United Kingdom | April 08, 2021

The UK Takeover Panel has published amendments to the UK Takeover Code which represent some of the most far-reaching rule changes since 2011. The new rules come into effect on 5 July this year for firm offers announced on or after that date.

In this webinar, we consider some of the key implications of the new rules and likely impact on takeover practice in the UK. Areas covered include:

  • The new approach to regulatory conditions and ‘freezing’ the offer timetable.
  • The introduction of long stop dates for contractual offers.
  • Clarifications relating to the invocation of conditions.
  • Timetable amendments – including removal of the concept of closing dates and offers becoming “unconditional as to acceptances”.
  • The introduction of a new requirement for bidders to take the procedural steps necessary for a scheme to become effective.

You can also read our written briefing on the changes here: Takeover Code overhaul: A new landscape for public M&A in the UK.

Our Public M&A practice

We have extensive experience of advising bidders, target companies and financial advisers on all types of public M&A transactions, including high profile and competitive takeovers across our key sectors. In the last five years our London office has advised on over 50 UK takeover offers worth more than £40 billion. Our ability to advise on premium and mid-market deals, coupled with our international network which means we see consistent interest from our international clients in UK listed assets, gives us a resilient public M&A practice.


Our panellists comprise London public M&A partners Paul WhitelockKit McCarthy and Fiona Millington. Paul and Kit have both previously spent time on secondment to the Takeover Panel.


Chris Pearson. Chris is the chair of the specialist Takeovers Working Party of the Law Society of England and Wales and the City of London Law Society, the leading specialist takeover lawyers’ group in the UK.