Wednesday 7 January 2015

UK: Takeover Code - mandatory bids - new note for rule 9.1

The Takeover Panel has published a new note on Rule 9.1 (the mandatory offer) of the Takeover Code: see here (pdf). The new note provides that, in the case of a company to which the Takeovers Directive applies, Rule 9.1 does not apply in relation to any change in interests in shares or other transaction which is effected by the use of resolution tools, powers and mechanisms (within the meaning given in article 216 of the Bank Recovery and Resolution (No. 2) Order 2014).

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