The Panel on Takeovers and Mergers
The Panel on Takeovers and Mergers (the “Panel”) is an independent body, established in 1968, whose main functions are to issue and administer the City Code on Takeovers and Mergers (the “Code”) and to supervise and regulate takeovers and other matters to which the Code applies. Its central objective is to ensure fair treatment for all shareholders in takeover bids.
The Panel has been designated as the supervisory authority to carry out certain regulatory functions in relation to takeovers under the EC Directive on Takeover Bids (2004/25/EC) (the “Directive”). Its statutory functions are set out in and under Chapter 1 of Part 28 of the Companies Act 2006.
Recent website updates:
25/06/2009 2009/12 Code Amendments
17/06/2009 2009/11 Venture Production Plc
17/06/2009 2009/10 Panel Executive Practice Statement No. 25
The Takeover Code
The Code reflects collective professional opinion about appropriate business standards in takeovers and has a statutory basis in the UK.
Download Code as PDF - Order printed copy
Statements from the Panel
Download Statements, Practice Statements and Annual Reports issued by the Panel.
Company announcements
Where to find statements and disclosures notified to a Regulatory Information Service in relation to takeovers regulated by the Panel.