Powered by Lexis+®
Jurisdiction(s):
United Kingdom
United Kingdom
View all Glossary Terms Related Content
CASE STUDY
“We rely on LexisNexis to give us a definitive answer, quickly and reliable every time so that we can be confident in the advice we use to help our clients.”
ShelterAccess all documents on Independent valuer
Independent valuer meaning
Published by a LexisNexis Corporate expert
What does Independent valuer mean?
In practice, an independent valuer is a professional valuer engaged to provide an impartial asset valuation in a public takeover, free from conflicts with the bidder (offeror), the target (offeree) or their advisers.
Under the UK Takeover Code, Rule 29 (Asset valuations), an independent valuer is a valuer who meets the requirements of an “external valuer” in the Standards (the RICS Valuation Standards, Red Book, as referenced in the Code) and, in addition, has no connection with any party to the offer. The valuer’s report underpins any asset valuation included in offer documents and is relied upon by shareholders and the Panel on Takeovers and Mergers to ensure objectivity and comparability. Typical mandates include valuations of property, plant and equipment, mineral rights and investment portfolios.
Usage and criteria are consistent across England & Wales, Scotland and Northern Ireland through the UK Code. In Ireland, the Irish Takeover Rules adopt a comparable approach, requiring an external, conflict-free valuer for asset valuations in offer documentation, generally by reference to recognised professional valuation standards.
Outside takeover regulation, “independent valuer” is a descriptive term used in other regulatory contexts, where specific independence tests are set by the applicable rules.
Speed up all aspects of your legal work with tools that help you to work faster and smarter. Win cases, close deals and grow your business–all whilst saving time and reducing risk.
View the related Practice Notes about Independent valuer
PRACTICE NOTES
UK bank special resolution safeguards: publication/approval, reporting/accountability, compensation (incl. bail-in and 'no creditor worse off'), and independent valuation/appeals for shareholders, creditors and counterparties
Publication and approval In this Practice Note, ‘bank’ denotes a UK institution authorised under Part 4A of the Financial Services and Markets Act 2000 (FSMA 2000) to conduct the regulated activity of taking deposits (as defined by FSMA 2000, s 22, read with Schedule 2 and any order made under FSMA 2000, s 22). Any later references to ‘bank’ also cover a resolution company. Following the failure of Silicon Valley Bank, the government consulted on additional reforms and, in May 2025, enacted the Bank Resolution (Recapitalisation) Act 2025 (see: LNB News 19/07/2024 30). These changes are not confined to smaller institutions: from 16 July 2025 they extend to banks of any scale (subject to meeting the other entry criteria) to enable recapitalisation of in-scope entities using FSCS monies rather than taxpayer funding, thereby lowering the likelihood that small bank failures give rise to calls on public finances (see Practice Note: Bank resolution reforms under the Bank Resolution (Recapitalisation) Act 2025). Additionally, Part 1 of the Banking Act 2009 (BA...
22 May
Read More 
PRACTICE NOTES
UK Takeover Code Rule 29: Asset Valuations—Applicability, Valuation Reports, NAV Statements and Valuer Independence
Resource Note This Resource Note summarises the key provisions of Rule 29 of the City Code on Takeovers and Mergers (Code), which governs requirements for asset valuations. It signposts relevant materials, commentary and Panel guidance, together with Lexis+® UK analysis and resources, to provide practical direction on interpreting and applying Rule 29. Materials covered in this Resource Note include: Practice Statements from the Panel Executive (which undertakes the day-to-day supervision and regulation of takeovers) giving informal guidance on the Executive’s usual interpretation and application of the Code Panel Statements and Panel Instruments issued by the Panel Public Consultation Papers (PCP) and Response Statements (RS) from the Code Committee Annual Reports from the Panel addressing wider issues (Annual Reports) relevant Lexis+® UK resources Rule 29—Setting the scene Code and Lexis+® UK resources What it covers Rule 29 addresses the asset valuation requirements provided in connection with an offer. Application Rule 29 applies to all...
21 May
Read More 
