UK Takeover Code Update: Panel publishes Response Statement 2017/1: Asset Sales and Other Matters

On 12 July 2017, the UK Takeover Panel published Panel Consultation Paper 2017/1 (the PCP), which proposed amendments to the UK Takeover Code in relation to asset sales by a target company in competition with, or as an alternative to, a takeover offer (and certain other miscellaneous amendments).

On 11 December 2017, the Panel published Response Statement 2017/1 (the RS) having received responses to the PCP from eight respondents, including the Association for Financial Markets in Europe, the Quoted Companies Alliance and the Joint Working Party of the Company Law Committees of the City of London Law Society and the Law Society of England and Wales. The RS summarizes the responses received by the Panel and sets out the changes to the Code that will take effect on 8 January 2018 (including in relation to ongoing bids).