The Takeovers Panel is continuing with its update of the guidance material on its website.

The latest update to be released is the "Guidance Note on "Control" and "Association" – Anti-Avoidance Mechanisms". This note contains a consolidation of all the Panel's guidance publications on the Takeovers Code's two key anti-avoidance mechanisms directed at preventing the Code's application being circumvented by transaction structuring techniques (that is, the "control" of voting rights rules and the "association" rules).