UK: Takeover Panel publishes annual report for 2015/16

The Takeover Panel has recently published its annual report for 2015/16: see here (pdf). The report notes that M&A activities in the period were similar to those seen in the preceding year. The report also contains information about Panel activities during the year, including work that is not made public.  It is noted, for example, that the Panel Executive issued two letters of private censure and 26 educational/warning letters. The Executive also granted 59 'whitewash' dispensations from the obligation to make a mandatory offer under Rule 9 of the Takeover Code following an issue of new shares.