Practice Statements are issued by the Panel Executive to provide informal guidance to companies involved in takeovers and practitioners as to how the Executive normally interprets and applies relevant provisions of the Takeover Code in certain circumstances. Practice Statements do not form part of the Code. Accordingly, they are not binding on the Executive or the Panel and are not a substitute for consulting the Executive to establish how the Code applies in a particular case.
Practice Statements are reviewed by the Executive periodically and are amended or withdrawn as necessary. Each Practice Statement indicates the date on which it was issued or last amended (as the case may be) and states the position as at that date.
All Practice Statements that have been issued by the Executive can be viewed by clicking on the links in the table below. However, the content of Practice Statements that have been withdrawn can no longer be viewed.
All the links in the following tables are to documents in PDF format.
2009
| Number |
Date |
Subject |
Last amended |
| No. 26 |
09/09/2009 |
Shareholder activism |
As issued |
| No. 25 |
17/06/2009 |
Debt syndication during offer periods |
Amended 19/09/2011 |
2008
| Number |
Date |
Subject |
Last amended |
| No. 24 |
10/07/2008 |
Appropriate offers and proposals under Rule 15 |
Amended 19/09/2011 |
| No. 23 |
10/07/2008 |
Rule 21.2 – Inducement fees and other offer-related arrangements |
Amended 19/09/2011 |
| No. 22 |
10/07/2008 |
Irrevocable commitments, concert parties and related matters |
Amended 19/09/2011 |
| No. 21 |
07/03/2008 |
Rule 3 – Independent advice |
As issued |
| No. 20 |
07/03/2008 |
Rule 2 – Secrecy, possible offer announcements and pre-announcement responsibilities |
Amended 19/09/2011 |
| No. 19 |
14/01/2008 |
Rule 19.3 – Unacceptable statements |
Amended 19/09/2011 |
2007
| Number |
Date |
Subject |
Last amended |
| No. 18 |
24/10/2007 |
Cross-border mergers |
Amended 19/09/2011 |
| No. 17 |
19/01/2007 |
The Companies Act 2006 |
Withdrawn 14/01/2008 |
2006
| Number |
Date |
Subject |
Last amended |
| No. 16 |
22/08/2006 |
Note 5 on the definition of acting in concert – standstill agreements |
As issued |
2005
| Number |
Date |
Subject |
Last amended |
| No. 15 |
09/11/2005 |
Inducement fees – agreements between the offeror and the offeree company etc |
Withdrawn 10/07/2008 |
| No. 14 |
09/11/2005 |
Schemes of arrangement |
Withdrawn 14/01/2008 |
| No. 13 |
04/08/2005 |
Timetable extensions – alterations to a predicted date |
Withdrawn 14/01/2008 |
| No. 12 |
04/08/2005 |
Rule 9 and the interests in shares of clients whose funds are managed on a discretionary basis |
Amended 07/03/2008 |
| No. 11 |
25/04/2005 |
Working capital requirements in cash and securities exchange offers |
Amended 19/09/2011 |
| No. 10 |
25/04/2005 |
Cash offers financed by the issue of offeror securities |
Amended 19/09/2011 |
| No. 9 |
28/02/2005 |
Note 3 on Rule 20.1 – Equality of information to shareholders and the policing of meetings |
Withdrawn 19/09/2011 |
| No. 8 |
13/01/2005 |
Timetable extensions in potentially competitive situations |
Amended 19/09/2011 |
2004
| Number |
Date |
Subject |
Last amended |
| No. 7 |
21/07/2004 |
Possible improvement statements |
Withdrawn 14/01/2008 |
| No. 6 |
21/07/2004 |
Strategic review announcements |
Amended 19/09/2011 |
| No. 5 |
28/04/2004 |
Rule 13.5(a) – Invocation of conditions |
Amended 19/09/2011 |
| No. 4 |
12/02/2004 |
Rule 21.2 – Inducement fees |
Withdrawn 10/07/2008 |
| No. 3 |
12/02/2004 |
Rule 20.2 – Controlled auctions |
As issued |
| No. 2 |
12/02/2004 |
Rule 20.2 – Site visits and meetings with management |
As issued |
| No. 1 |
12/02/2004 |
Rule 20.1 – Equality of information to shareholders and the policing of meetings |
Amended 19/09/2011 |