UK: Takeover Panel publishes annual report

The Takeover Panel has published its annual report for the year ending 31 March 2009: see here (pdf). In the chairman's statement an indication of the issues with which the Panel has had to deal over the past year is given:

The year to 31 March 2009 was characterised above all by the global financial crisis catalysed by the collapse of Lehman Brothers in September 2008. Public merger and acquisition activity was materially affected by the crisis and by the collapse in valuations and confidence in the equity markets. These events produced a rather different set of issues for the operation of the Code to those experienced in more normal times. It has been necessary to be responsive during offer periods to fast moving events and dramatically changing circumstances, and to find the right balance between flexibility and certainty. I believe that the Panel’s principles-based regime has stood up well to the challenges posed in these conditions and has been able to safeguard shareholders’ interests without compromising the principles and rules of the Code".

The report notes that there were no appeals to the Takeover Appeal Board during the year. It also notes that the Takeover Panel Executive issued eight letters of private criticism during the year and no statements of public criticism. See here for further information about compliance with the Code. See here for all of the Panel's earlier annual reports.