Takeover code reform - less pro-bidder but still pro-market
It appears that M&A advisers will have to get used to the fertile hunting ground of the UK becoming that little bit less bidder-friendly, judging by recently-published recommendations by the Takeover Panel to reform its code. Certainly that is the clear theme running through the proposals that the Panel released last month (22 October) in a review largely triggered by controversy over Kraft Foods' unsolicited takeover of Cadbury. The Panel recommended tightening the so-called 'put up or shut up' rules - effectively forcing bidders to clarify their intentions towards a target or walk away within four weeks of their interest going public.
Seasoned deal hands upbeat as the Panel rejects populism with takeover reforms
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