Non-Statutory Takeover Regulations and Their Changes: The Reality of the UK Takeover Panel (1)

The Waseda Law Review, Vol. 86, No.2, pages 285-299 (March 2011)

15 Pages Posted: 20 Oct 2020

See all articles by Hiroyuki Watanabe

Hiroyuki Watanabe

University of Oxford; Waseda University; Chubu University

Date Written: March 20, 2011

Abstract

This paper attempts to highlight “the reality of the UK Takeover Panel” through the perspective of “Non-statutory takeover regulations and their changes” based on many interviews with UK M&A specialists including the UK Takeover Panel staffs .

Ⅰ. Increasing Attention to UK-style takeover regulations

Ⅱ. Structure and subject of the Takeover Code (City Code)

Ⅲ. Characteristics of the Takeover Regulations by the Takeover Panel

Ⅳ. National Legislation Transposing the EU Takeover Directives and
the Takeover Panel
(Vol.86, No.2)

Ⅴ. Misunderstanding and Reality of the UK Takeover Regulations

Ⅵ. “Moderate mandatory offer rule” as a basic type and Additional
“Strict mandatory offer rule”

Ⅶ. Strong “shareholder decision-making principle” and the preconditions
thereof

Ⅷ. Regulation for the advisers and “internal sanction”

Ⅸ. Core of the problem in relation to the establishment of a specialized
body for takeover regulations
(Vol.86, No.3)

Keywords: Takeover, UK, Takeover Panel, City Code, Takeover Code, Reality, Mandatory Offer Rule, Shareholder Decision-Making, Non-Statutory Regulation, Adviser, Internal Sanction, Hideki Kanda, Paul L. Davies

JEL Classification: G28, G34, G38, K23, K42

Suggested Citation

Watanabe, Hiroyuki, Non-Statutory Takeover Regulations and Their Changes: The Reality of the UK Takeover Panel (1) (March 20, 2011). The Waseda Law Review, Vol. 86, No.2, pages 285-299 (March 2011) , Available at SSRN: https://ssrn.com/abstract=3683067

Hiroyuki Watanabe (Contact Author)

University of Oxford ( email )

Mansfield Road
Oxford, Oxfordshire OX1 3TD
United Kingdom

Waseda University ( email )

1-6-1, Nishi-Waseda
Shinjuku-ku
Tokyo, 169-8050
Japan

Chubu University

1200, Matsumoto-Cho
Kasugai
Aichi, 487-8501
Japan

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