The Code Committee of the Takeover Panel is consulting (PCP 2015/1) on proposed amendments to clarify the Takeover Code in relation to the treatment of dividends paid by a target company to its shareholders. In short, the proposals aim to align the provisions of the Code with the current practice of the Panel. A new draft Practice Statement dealing with the Panel's practice in relation to payments of dividends by a target is also included.

The consultation closes on 12 June 2015.