Situations governed by the Takeover Code (‘the Code’)
If your acquisition target company falls under the regulations of the City Code on Takeovers and Mergers (“the Code”) – broadly that is if your target is a public limited company or has issued a prospectus in the preceding ten years – we will guide you through all the steps to ensure full compliance with the Code, communicating on your behalf with the Panel and steering you through the process of making an agreed or contested takeover bid.
The Code is designed principally to ensure fair treatment of all shareholders in relation to takeovers, but also applies in certain situations where a takeover is not intended or does not happen. For example, if a shareholder or group of shareholders increases its stake in a company to more than 30%, it may need a ‘whitewash’ under the Code in order to avoid being compelled to bid for the company. Corbett Keeling advises its clients and prepares the documentation required by the Panel in these situations.
Corbett Keeling’s joint chairman, Jim Keeling, served as alternate on the Takeover Panel for two years.