The Takeover Panel has published its consultation on proposed amendments to its Takeover Code. The changes are designed among other things to provide greater recognition of the interests of offeree company employees. Most takeovers by share purchase are excluded by definition from the scope of the TUPE regulations so the information and consultation obligations do not usually apply. The Code include proposals which would hold an offeror to any statement made during the offer period relating to any course of action that it claims to take or not to take towards the future business of the offeree company and this would cover redundancies, by way of example. Offerors could be held to such statements for at least 12 months.