On 8 October 2015, the Takeover Panel Executive published Practice Statement No 29 and Practice Statement No 30 and withdrew Practice Statement No 27 and Practice Statement No 23 where the relevant sections have now been incorporated into new Practice Statement No 29.
Practice Statement No 29 provides guidance on the Takeover Panel Executive's interpretation and application of Rule 21.2 regarding exclusions to the prohibition on offer related arrangements; agreements between an offeror and offeree relating to the conduct, implementation and terms of an offer; and agreements by which an offeree may agree to pay an inducement fee to an offeror in circumstances set out in Notes 1 and 2 on Rule 21.2.
Practice Statement No 30 explains the compliance of Rule 20.2 in circumstances where commercially sensitive information is supplied to lawyers or economists advising an offeror of an "outside counsel only" basis.
The Panel Statement can be accessed at:
The Practice Statements can be accessed at:
http://www.thetakeoverpanel.org.uk/wp-content/uploads/2008/11/PS-29-New.pdf; and http://www.thetakeoverpanel.org.uk/wp-content/uploads/2008/11/PS-30-New.pdf
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