Overview

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 in accordance with the rules set out in the Code. The Panel’s statutory functions are set out in and under Chapter 1 of Part 28 of the Companies Act 2006 (the “Act”). The rules of the Code include rules set out in this Introduction, the General Principles, the Definitions, the Rules, and the related Notes and Appendices (including the Rules of Procedure of the Hearings Committee which are set out in Appendix 9). These rules may be changed from time to time, and rules may also be set out in other documents as specified by the Panel. The rules set out in the Code also have a statutory basis in relation to the Isle of Man, Jersey and Guernsey: see sections 14, 15 and 16 respectively.

Further information relating to the Panel and the Code can be found on the Panel’s website at www.thetakeoverpanel.org.uk. The Code is also available on the Panel’s website.