CodeWord Issue 21 - September 2007

In this issue

Independent Advisers

The Takeovers Panel has published a third edition of it Guidance Note about the Role of Independent Advisers for the purposes of the Takeovers Code. T…

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The evolution of independent adviser reports and the use of “fairness”

When the Code started in operation in 2001, the concept of a “merits” report was new to most advisers. The experienced advisers had been routinely inv…

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Use of subcontractors by approved independent advisers

The second issue that has been of concern to the Panel has been that of the use of subcontractors by independent advisers, particularly where there is…

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Comment on partial offers

The third issue of concern to the Panel relates to the content of reports about partial takeover offers.

The ability to make partial offers in a take…

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The independence of advisers when successive offers are made by the same offeror for the same target company

During the period of the Code’s existence, there have been a number of occasions where bidders have made successive offers for the same target company…

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