At the beginning of this month, the UK Panel on Takeovers and Mergers announced a wide-ranging review of a number of fundamental principles of UK takeover regulation contained in the Panel’s City Code on Takeovers and Mergers. Responses are required by 27 July 2010. This review has been prompted in part by the debate generated by the highly controversial and ultimately successful bid by Kraft for Cadbury earlier this year. The firm acted as US counsel to Cadbury in this battle. This briefing looks at the review and notes some issues raised by it, in relation to which positions adopted in France, Germany or Italy may be instructive.
View full memo, "Review of the UK Takeover Code"