Thursday, 7 March 2019

UK: Takeover Panel response statements - asset valuations and the UK withdrawal from the EU

The Takeover Panel Code Committee yesterday published two response statements in respect of proposed changes to the City Code on Takeovers and Mergers that have been the subject of consultation.

The first, RS 2018/1: Asset Valuations (pdf), explains that the Committee had adopted its proposed amendments (pdf) but with certain modifications. These changes will come into force on 1 April and the Instrument making them is available here (pdf).

The second, RS 2018/2: The UK's withdrawal from the EU (pdf), explains that the Committee will adopt its proposed amendments (pdf) and will make an Instrument bringing them into effect when more is known about the date and manner in which the UK will leave the EU. The amendments will come into effect at 11pm on 29 March 2019 at the earliest - but only if the UK leaves the EU on this date without a withdrawal agreement including a transition period.

The Prime Minister stated last month that Parliament would vote on the withdrawal agreement by March 12.

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