Takeovers in Jersey are currently governed by the UK Takeover Code and Takeover Panel but this arrangement is informal. This will soon change: draft legislation - the Companies (Takeovers and Mergers Panel) (Jersey) Law - has been published and its purpose is to place the UK Takeover Panel's role on a statutory footing. This will bring Jersey into line with the United Kingdom, where Part 28 of the Companies Act (2006) governs the Panel's operation. The Panel has only recently been placed on a statutory footing in the UK, following the implementation of the European Takeover Directive (2004/25/EC). For further information, see this press release from the Takeover Panel or this press release from the States of Jersey.
Thursday, 5 June 2008
Jersey: statutory basis for the UK Takeover Panel
Takeovers in Jersey are currently governed by the UK Takeover Code and Takeover Panel but this arrangement is informal. This will soon change: draft legislation - the Companies (Takeovers and Mergers Panel) (Jersey) Law - has been published and its purpose is to place the UK Takeover Panel's role on a statutory footing. This will bring Jersey into line with the United Kingdom, where Part 28 of the Companies Act (2006) governs the Panel's operation. The Panel has only recently been placed on a statutory footing in the UK, following the implementation of the European Takeover Directive (2004/25/EC). For further information, see this press release from the Takeover Panel or this press release from the States of Jersey.
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