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...

City Code on Takeovers and Mergers Rule 31 (pre-5 July 2021): offer timetable, no extension statements, final day rule, offeree announcements after Day 39, and Panel guidance [Archived]

Published by a LexisNexis Corporate expert

Practice notes

This archived Resource Note summarises the principal provisions of the iteration of Rule 31 of The City Code on takeovers and Mergers (the Code) that applied to firm offers announced before 5 July 2021. It has not been updated since the Code was revised in July 2021. For details of the version of Rule 31 relevant to firm offers announced before 5 July 2021, see Resource Note: Takeover Code—Rule 31—timing of the offer...

Materials covered in this Resource Note include:

Practice Statements issued by the Panel Executive (the body responsible for the day‑to‑day supervision and regulation of takeovers) (Executive), offering informal guidance on the Executive’s usual interpretation and application of the Code
Panel Statements (P/S) and Panel Instruments published by the Panel
Public Consultation Papers (PCP) and Response Statements (RS) from the Code Committee
Annual Reports from the Panel discussing general matters (Annual Reports)
relevant Lexis+® UK resources

2021 changes to the Code

In March 2021, the Panel confirmed it would proceed with amendments to the Code concerning the treatment of offer conditions and the offer timetable. The amended Code applies in relation to all...

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Web page updated on 21/05/2026

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