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

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