Takeover Code—Rule 21—Restrictions on frustrating action


Published by a ÀÏ˾»úÎçÒ¹¸£Àû Corporate expert
Practice notes

Takeover Code—Rule 21—Restrictions on frustrating action


Published by a ÀÏ˾»úÎçÒ¹¸£Àû Corporate expert

Practice notes
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This Resource Note outlines the main provisions of Rule 21 of The City Code on takeovers and Mergers (Code), which deals with the restrictions on an offeror taking frustrating action in relation to an offer and entering into inducement fee and other offer-related arrangements. Rule 21 also deals with the requirement to provide equal information to competing offerors and to provide the independent directors of an offeree with all information furnished to external providers of finance on a management buy-out. It highlights relevant materials, commentary and guidance from the Panel on Takeovers and Mergers (Panel), as well as Lexis+® UK analysis and resources, to give practical guidance on the interpretation and application of Rule 21.

Materials covered in this Resource Note include:

  1. •

    Practice Statements issued by the Panel Executive (the body that carries out the day-to-day work of takeover supervision and regulation) (Executive) to provide informal guidance as to how the Executive normally interprets and applies the Code

  2. •

    Panel Statements published by the Panel (P/S) and Panel Instruments

  3. •

    Public Consultation Papers (PCP) and Response

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Jurisdiction(s):
United Kingdom
Key definition:
Takeover definition
What does Takeover mean?

This refers to the acquisition of a public company.

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