UK: Takeover Panel statement - disclosure of takeover approaches

During the summer, the Takeover Panel's Code Committee published a statement concerning the operation of Rule 2 of the Takeover Code, which sets out the circumstances in which an offeree company should disclose the existence of a takeover approach prior to their being a firm offer: see here (pdf). The Committee decided that no changes were required to Rule 2 and, in doing so, rejected the suggestion that offeree companies should be required to make immediate disclosure of any serious takeover approach.