The Panel takes a look at Frustrating Action
JD Supra: Mergers
MAY 22, 2023
On 15 May 2023, the UK Takeover Panel published a public consultation on proposed changes to the Takeover Code's Rule 21.1 (which prevents a target under offer (or where an offer is imminent) from taking action that may lead to the frustration of a bid for it) ("PCP 2023/1"). The consultation also includes a draft of a new Practice Statement (No. 34) ("new PS") to provide guidance in relation to the revised frustrating action rule and proposes some noteworthy changes to the Code's Rule 21.3.
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