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Takeover Panel plans changes to M&A rulebook

26 February 2010

The Takeover Panel has opened a consultation period on changes to the code governing corporate mergers and acquisitions (M&A) in the UK.

In the wake of calls for takeover procedures to be re-examined from figures such as business secretary Lord Mandelson and CBI director general Richard Lambert, the Panel said that it will consider amendments to the code in light of "changing market practice".

Speaking to the Daily Mail earlier this week, trade minister Lord Davies said that there are "lessons to be learned" from Kraft's controversial £11.6 billion deal for Cadbury.

He pointed to a recent speech from the British confectioner's former chairman Roger Carr, who proposed increasing the acceptance threshold for a takeover to more than 50 per cent.

He also suggested that new shareholders who buy into a company during the course of a bid battle could be denied a vote.

Established in 1968, the Takeover Panel is the main City body for overseeing M&A activity in the UK and exists to "ensure fair treatment for all shareholders in takeover bids".

Categories: Financial Services


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