Jurisdiction(s):
United Kingdom

Key definition

Asset definition

What does Asset mean? In legal practice, an asset is any thing of economic value that a person or entity owns or controls and can realise, transfer, secure or enforce. The term is descriptive and used across contexts (company law, trusts, matrimonial finance, probate, enforcement and insolvency), with specific legislation or rules defining it for particular purposes (for example, insolvency, taxation and financial services). Assets include land and buildings, cash and bank balances, securities (shares, bonds and other fixed‑income instruments), receivables, contractual rights (choses in action), intellectual property, goodwill and, increasingly, cryptoassets. Assets may comprise legal or equitable interests and can be tangible or...

Asset valuations in takeover transactions: UK Takeover Code Rule 29 on scope, materiality, NAV/ANAV, valuation reports, development land, independence and commenting on another party’s assets

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Practice notes

Background

From time to time, a party involved in a takeover may wish to release an asset valuation during the offer period, or may already have a valuation on file. The City Code on Takeovers and Mergers (Code) acknowledges that shareholders may depend on such figures when deciding whether to accept or refuse an offer, and Rule 29 of the Code sets out how asset valuations must be dealt with during a takeover. Following an October 2018 consultation, the Takeover Panel (Panel) issued a revised Code on 1 April 2019 that included amendments to Rule 29. These updates were intended to align more precisely with the Panel’s practice and to introduce a clearer, more coherent framework for the asset valuation regime. The 2019 amendments continue to underpin the current operation of Rule 29, and the framework outlined below mirrors the Panel’s present approach. For further information on the amendments, see News Analysis: Takeover Panel seeks to provide clarity on treatment of asset valuations...

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Web page updated on 21/05/2026

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