UK: takeover regulation review - GC100 response

The Association of General Counsel and Company Secretaries of the FTSE 100 (the GC100) has published its submission to the Takeover Panel's review of certain aspects of takeover regulation (about which see here, pdf). In its submission, available here (Word), the GC100 notes:

We believe that the Code has served its purpose well and generally do not see the need for wholesale change in the approach of the Panel or provisions of the Code at this stage. However, the Code should keep pace with the way takeover practice evolves, and, in particular, we believe that the opportunity should be taken to think whether shareholders get the right information, advice and time to consider what action they should take in order to decide whether to accept or reject an offer. We also suggest that the opportunity should be taken to review whether the Code’s timetable and disclosure requirements can be more consistently aligned with the requirements of other jurisdictions".