Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Acting in concert definition

What does Acting in concert mean? In practice, acting in concert describes two or more persons who, by agreement or understanding (formal or informal), coordinate their actions to acquire or strengthen control of a company, or to prevent or impede the success of a takeover offer for a target company. In the UK and Ireland, the concept is defined and applied under the UK Takeover Code and the Irish Takeover Rules, enforced by the Panel on Takeovers and Mergers and the Irish Takeover Panel (each with statutory underpinning). The Codes contain rebuttable presumptions identifying typical “concert parties” and the Panels may determine whether parties...

UK Takeover Code Rule 7: announcement obligations, acting in concert for connected fund managers and principal traders, and effects on partial offers and Rule 9 whitewashes

Published by a LexisNexis Corporate expert

Practice notes

Rule 7 of The City Code on Takeovers and Mergers (Code)

This Resource Note summarises the key provisions of Rule 7, covering: (a) the obligation to make an immediate announcement where an offer is revised, (b) the situations in which connected discretionary fund managers and principal traders are considered to be acting in concert with an offeror or potential offeror, and (c) the impact that acquiring an interest in the offeree’s shares may have on the Panel’s readiness to permit a partial offer or a Rule 9 whitewash. It highlights relevant materials, commentary and guidance from the Panel on Takeovers and Mergers (Panel), alongside Lexis+® UK analysis and resources, to offer practical assistance on the interpretation and application of Rule 7.

Materials covered in this Resource Note include:

Practice Statements issued by the Panel Executive (the body that undertakes the day‑to‑day supervision and regulation of takeovers) (Executive), providing informal guidance on how the Executive typically interprets and applies the Code
Panel Statements (P/S) published by the Panel and Panel Instruments
Public Consultation Papers (PCP) and Response Statements (RS) issued by the Code Committee
Annual Reports published by the Panel

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Web page updated on 22/05/2026

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