The Takeovers Panel (Panel) has recently released updated guidance notes on defensive tactics and timing rules in the Takeovers Code (Code).

The Guidance Note on Defensive Tactics and Target Companies (available here) has been prepared to assist market participants to understand the Panel's approach when the directors of a target company engage in, or permit, defensive tactics in relation to a takeover offer or potential takeover offer.

The Guidance Note on Timing Rules in Code (available here) builds on the previous guidance offered in Code Word 25B with some added coverage of timing rules.  This note also provides guidance on the timing around the new Rule 24C which came into force on 1 June 2013.