Jurisdiction(s):
United Kingdom

Key definition

Takeover definition

What does Takeover mean? In legal practice, a takeover is the acquisition of control of a publicly traded company, typically by purchasing its voting shares, whether on a recommended (friendly) or hostile basis. It is usually implemented by a contractual offer to shareholders or via a court‑sanctioned scheme of arrangement. Across England & Wales, Scotland and Northern Ireland, takeovers are regulated by the UK City Code on Takeovers and Mergers (the Takeover Code), administered by the Panel on Takeovers and Mergers, which has a statutory footing under the Companies Act 2006 (Part 28). The Code applies mainly to public companies (and certain private...

UK Takeover Code Rule 29: Asset Valuations—Applicability, Valuation Reports, NAV Statements and Valuer Independence

Published by a LexisNexis Corporate expert

Practice notes

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 offers.

Main Lexis+® UK resources

Asset valuations on takeover transactions
Profit forecasts and quantified financial benefits statements
Provision of information during an

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Web page updated on 21/05/2026

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