Summary: 'Shadow bidding' – when does an approach about a possible offer have to be announced? In the latest episode in our public M&A podcast series, we discuss when an approach to a target about a possible takeover offer has to be announced. This is a topic that has been discussed in the press recently, amid complaints from shareholders, who only discovered once a firm offer was announced that the target had received a number of approaches prior to the firm offer announcement, and reports that the Takeover Panel are reviewing the rules around announcing an approach. In the podcast we discuss: • the current Takeover Code requirements around announcing an approach; • the announcement obligations in the Market Abuse Regulation; and • our thoughts on whether the rules need to be reformed.
