Corporate Strategy and Finance - Review

    March 2009

    Are you prepared for takeover offers conducted and communicated electronically?

    Following a consultation process which completed in October 2008, some major changes to the Takeover Code are due to come into effect on 30 March 2009 dealing with: (1) the ability and, in certain cases, the requirement to communicate by electronic means with Target shareholders during a takeover offer; (2) the ability to incorporate into offer documentation, by reference to other sources, information previously required to be set out in full in such documentation; and (3) the granting of rights under the Takeover Code to those persons who would have "information rights" under the Companies Act 2006 (the 2006 Act) to receive the same information as shareholders.