The Panel published its response in relation to the miscellaneous amendments to the Code that it consulted on in PCP 2014/1, on 14 November 2014. Modifications and drafting changes have been made to some of the miscellaneous amendments; however the majority of amendments have been adopted as proposed in the consultation.
Amendments made to the Code include the following:
A potential competing offeror now has a firm deadline by which it must confirm its position – this is now Day 53, which is contained in Rule 2.6 rather than in Note 3 on the rule;
A note to Rule 32 and amendments to Rules 31.6 and 32.1 to clarify that it is possible, with the offeror's consent, for the offeror to revise its offer once the Day 46 deadline has passed (provided that Day 60 is changed to a later date, and Day 46 re-set);
The suggested amendment to Rule 2.11(b) has been changed so that it requires irrevocable commitments/ letters of intent procured by an offeree to be disclosed; and
Amendments to consolidate the Code's provisions regarding publications, announcements and web-based information into one place.
These amendments will be effective from 1 January 2015, and the response statement is available at:
http://www.thetakeoverpanel.org.uk/wp-content/uploads/2008/11/RS201401.pdf.
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