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On 7 July 2017, the Panel on Takeovers and Mergers published Panel Statement 2017/12, announcing the publication of Practice Statement No. 31, which deals with strategic reviews, formal sale processes...
On 7 July 2017, the Panel on Takeovers and Mergers
("Takeover Panel") published Panel
Statement 2017/12, announcing the publication of Practice Statement
No. 31, which deals with strategic reviews, formal sale processes
and other circumstances in which a company is seeking potential
offerors. The statement also addresses the consequential withdrawal
of, and amendments to, other Practice Statements.
In particular, the Practice Statement discusses the way in which
the panel executive ("Panel Executive")
normally interprets and applies Rules 2, 21.1 and 21.3, concerning
announcements, inducement fees and equality of information to
competing offerors.
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.
