On 30 March 2009, the Takeover Panel announced the publication of a new edition of the Takeover Code and various amendments to four Practice Statements.

New edition of the Code

The Panel announced the publication of a new edition of the Code reflecting amendments made to the Code by:

  • two response statements published by the Panel back in December 2008 (which came into effect on 30 March 2009); and
  • a Statutory Instrument which put the Panel's role in supervising relevant takeovers involving Isle of Man companies on a statutory footing (which came into effect on 1 March 2009).

For more details of the miscellaneous changes made to the Code by the two response statements and the Statutory Instrument please see our article on this topic included in the January 2009 edition of our E-Bulletin: Takeover Code – Recent developments.

View the Takeover Panel announcement concerning the new edition of the Code (1 page pdf).

Amendments to Practice Statements Nos. 5, 10, 20 and 24

The Panel also announced amendments to Practice Statements Nos. 5, 10, 20 and 24. These amendments largely reflect the changes made to the Code by the response statements referred to above. The Panel stated that these amendments are not material and do not alter the substance of any of the Practice Statements.

View the Takeover Panel announcement concerning amendments to practice statements (37 page pdf).