Public M&A EP8: Takeover Panel consultation paper on conditions to an offer and the offer timetable

Summary: The Takeover Panel has published a consultation paper (PCP 2020/1) in which it is proposing to amend various provisions in the Takeover Code relating to the conditions to an offer and to the offer timetable. The key changes include: - removing the special treatment afforded to conditions relating to clearance by the European Commission and the Competition and Markets Authority - making it easier for parties to request a timetable freeze - giving further guidance on when a bidder will be permitted to invoke a condition to an offer - only allowing offers to go unconditional as to acceptances when all other conditions have been satisfied and - introducing a long stop date on a contractual offer In this podcast Mark Bardell and Antonia Kirkby discuss the proposed changes and what impact they may have in practice.