UK: proposed amendments to the Takeover Code

The Takeover Panel has published a consultation paper setting out proposed amendments to the Takeover Code. These are wide ranging, particularly regarding management incentivisation arrangements which, the Code Committee notes, demand a more consistent regulatory approach. The Committee therefore recommends that such arrangements should be regulated by the Code where made in connection with an offer, regardless of whether the person incentivised will acquire an interest in the securities of the offeror company.