Participants will gain a thorough understanding of the composition and objectives of the Takeover Panel and how its General Principles and Rules operate to regulate takeover activity in the UK.
A public offer, whether friendly or hostile, is considered from the point of view of both offeror and offeree with a discussion of hostile tactics and appropriate defences. The specific terms and conditions attaching to mandatory, voluntary and partial offers are reviewed together with the provisions required to be included in all offers for public companies.
The Rules of the Takeover Code are examined in detail in respect of making the appropriate announcements, launching an offer, drafting the required documents and managing the process from beginning to end. Permitted and prohibited share dealings are highlighted and the Code Timetable is analysed from Day 0 (the posting of the offer document) through to Day 95 (the last day for payment of the consideration).