A Practitioner's Guide to the City Code on Takeovers and Mergers 2006-2007

"The Takeover Code is principally designed to ensure high business standards and fairness to shareholders. In the 38 years of its existence, the Takeover Panel has established a reputation for operating flexibly and rapidly as new situations have arisen and market practice has developed. The Code Committee has recently published Consultation Papers across a wide range of topics: PCP 2005/3 focused on control issues arising from dealings in derivatives and options; PCP2005/4 proposed the abolition of the Rules Governing Substantial Acquisitions of Shares; PCP2005/5 dealt with changes to the Code to effect the implementation of the Takeover Directive; and PCP 2006/1 contained miscellaneous revisions arising from, amongst other things, recent amendments to legislation. The changes to the Code adopted following this consultation were expected to come into force on 20 May 2006, when a new edition of the Code was published. The Takeover Directive also came into force on that day, as a consequence of which the Takeover Panel received certain statutory powers for the first time.
Since its first publication in 1988, "A Practitioner's Guide to The City Code on Takeovers and Mergers" has become a valuable resource for all those working in this area. The publication of a new edition each year will continue to help readers keep up to date with the latest regulatory developments. "We welcome this 19th edition." - Mark Warham, Director General, The Panel on Takeovers and Mergers.