Takeover Code: Response Statement On Amendments To The Definition Of Voting Rights

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On 23 October 2015, the Code Committee of the Takeover Panel published a response statement in relation to the feedback received on its consultation paper proposing to amend the definition of voting rights in the Code...
United Kingdom Corporate/Commercial Law

On 23 October 2015, the Code Committee of the Takeover Panel published a response statement in relation to the feedback received on its consultation paper proposing to amend the definition of voting rights in the Code, make minor amendments to the Note on Rule 9.7 (voting restrictions and disposal of interests) and make consequential amendments to Rule 11.1 (when a cash offer is required). The Code Committee have adopted the amendments to the Code as proposed in the consultation paper with some minor amendments.

The amendments to the Code came into effect on 23 November 2015.

The response statement can be accessed at:

http://www.thetakeoverpanel.org.uk/wp-content/uploads/2008/11/RS201502.pdf

For a summary of the consultation, our Q3 2015, Governance and Securities newsletter published October 2015 is available at:

http://www.shearman.com/~/media/Files/NewsInsights/Publications/2015/10/Governance-and-Securities-Law-Focus-CM-101315.pdf

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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