Section 32 of the Takeovers Act 1993 empowers the Takeovers Panel to hold a meeting of inquiry to determine whether a person has breached the Takeovers Code. Usually, following the section 32 meeting the Panel makes a determination either that it is satisfied that a person has acted or is acting or intends to act in compliance with the Code, or that it is not so satisfied.
The practice of the Panel is to make a press statement as soon as practicable regarding the outcome of a section 32 meeting, and to publish its determination on the Panel website. The Panel is required to give written notice of its reasons for its determination to the persons the determination concerns as soon as reasonably practicable.
