City code on takeovers and mergers


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City code on takeovers and mergers

City code on takeovers and mergers

a regulatory system operated voluntarily by interested parties to the UK STOCK MARKET that lays down rules of good conduct governing the tactics and procedures used in TAKEOVERS and MERGERS. The general purpose of the code is to ensure that all SHAREHOLDERS (both the shareholders of the firm planning the takeover and those of the target firm) are treated equitably For example, a potential bidder who has been acquiring shares in the open market is required to make a formal bid for all outstanding shares at a price not less than the highest price paid in the market over the previous 12 months, once his holding exceeds 30%. There are various other rules covering such areas as the accumulation of shares by several buyers acting together (see TAKEOVER BID). The City code is administered by the City panel on Takeovers and Mergers, which is responsible for formulating rules of practice and for investigating suspected cases of malpractice.
References in periodicals archive ?
These announcements commenced an offer period for the purposes of The City Code on Takeovers and Mergers (the "Code"), which is published and administered by the U.
City Code on Takeovers and Mergers the consideration in respect of shares assented to the offer will be settled within 14 days time.
Under the United Kingdom City Code on Takeovers and Mergers, Schlumberger Investments is not required to declare its intentions to reduce the acceptance condition unless and until it has reduced such condition, and may, therefore, reduce the acceptance condition without further notice.
Although such reduction is possible on or after such date, TRW need not declare its actual intentions until it is required to do so under The City Code on Takeovers and Mergers.
of Rule 8 of the City Code on Takeovers and Mergers (the "Code") no longer
Although such reduction in the percentage of Sedgwick securities required to satisfy the Acceptance Condition is possible on or after such date, Marsh & McLennan need not declare its actual intentions until it is required to do so under The City Code on Takeovers and Mergers.
ACCO UK's offer will be made in accordance with the UK City Code on Takeovers and Mergers and will be conditional, among other things, on the transaction not being referred to the United Kingdom Monopolies and Mergers Commission.
PRI is a company incorporated in Colorado, USA, and is therefore not technically subject to the Rules of the City Code on Takeovers and Mergers (the "Rules").
Rule 9 of the City Code on Takeovers and Mergers ("City Code") for which the
As soon as possible after completion, and in accordance with the provisions of the City Code on Takeovers and Mergers, Unilever Ireland will make a cash offer to shareholders of Lyons Irish Holdings.
11(d)(i) of The City Code on Takeovers and Mergers, Aberforth
The Panel on Takeovers and Mergers is the regulatory body which administers the City Code on Takeovers and Mergers.