The Takeover Panel has published a revised version of Practice Statement 31 dealing with the application of various rules in the context of a private sale process (PSP) run by a target company or major shareholder (as well as in the context of a formal sale process or strategic review, as were previously covered). The Panel has recognized that there are circumstances where a target company is reluctant to pursue a formal sale process and that where it instead pursues a PSP, some of the dispensations applicable to a formal sales process should apply in a similar way. The amended practice statement is available on the Panel’s website and has immediate effect.

The Takeover Panel has published a consultation paper (PCP 2022/2) setting out proposed changes to the definition of “acting on concert” in the Code. The changes, which are highly complex and technical in nature, are in part a codification of existing Panel practice. There are, however, are some important adjustments that, given the potentially significant consequences of being considered to be “acting in concert” (e.g. setting a floor price for an offer and/or triggering a mandatory bid obligation), it will be important for offer participants and their advisers to familiarise themselves with.