Keywords: Takeover Code, profit forecasts, quantified financial benefits statements,
The Takeover Code rules dealing with profit forecasts and disclosure of material changes in information were amended on 30 September.
The rules on profit forecasts and quantified financial benefits statements have been restructured, and made more consistent with other rules and guidance. In some cases they have been relaxed. Any material changes in information and material new information which come to light after the initial offer document or target circular is published must be announced straight away.
This is the final set of changes to the Takeover Code following consultations issued by the Panel in July 2012. Rule changes relating to companies subject to the Code were also introduced on 30 September, and rule changes relating to pension scheme trustee issues were introduced on 20 May. See our other updates Does the Takeover Code apply? A look at which companies will be subject to the Takeover Codex from 30 September 2013 and New rights for pension scheme trustees under the Takeover Code.
Originally published 15 October 2013
Visit us at mayerbrown.com
Mayer Brown is a global legal services provider comprising legal practices that are separate entities (the "Mayer Brown Practices"). The Mayer Brown Practices are: Mayer Brown LLP and Mayer Brown Europe – Brussels LLP, both limited liability partnerships established in Illinois USA; Mayer Brown International LLP, a limited liability partnership incorporated in England and Wales (authorized and regulated by the Solicitors Regulation Authority and registered in England and Wales number OC 303359); Mayer Brown, a SELAS established in France; Mayer Brown JSM, a Hong Kong partnership and its associated entities in Asia; and Tauil & Chequer Advogados, a Brazilian law partnership with which Mayer Brown is associated. "Mayer Brown" and the Mayer Brown logo are the trademarks of the Mayer Brown Practices in their respective jurisdictions.
© Copyright 2013. The Mayer Brown Practices. All rights reserved.
This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.
