Changes to the UK takeover regime: Key issues for Banking transactions

Jeremy Stokeld and Kirsty Thomson, London

Wide-ranging changes to the UK takeover regime became effective on 20 May 2006. Many of the amendments to the City Code on Takeovers and Mergers (the Code) have been effected as a result of the Takeovers Directive (Interim Implementation) Regulations 2006 (the Regulations), which implement the EU Takeovers Directive (the Directive) in the UK. The Regulations are a temporary measure (to enable the UK to implement the Directive within the required timescale) and are intended to be replaced (probably towards the end of 2006) by Part 22 of the Company Law Reform Bill. This article summarises the key changes for banking transactions.