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UK corporate and capital markets update—Takeover Panel DCSS/IPO/buyback reforms, Practice Statements 35–36, QCA guides, ISSB SASB/IFRS S2 consultation, key deadlines and trackers (10 July 2025)

Published on: 10 July 2025

Published by a LexisNexis Corporate expert
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In this issue:

  • Public company takeovers
  • Corporate governance
  • Accounts and reports
  • Daily and weekly news alerts
  • New and updated content
  • Dates for your diary
  • Trackers
  • Useful information

Public company takeovers

Takeover Panel proposes reforms to address dual class share structures, IPO disclosures and share buybacks

The Code Committee of the Takeover Panel (Panel) has issued consultation paper PCP 2025/1, setting out proposed revisions to the Takeover Code (Code) to deal with the regulation of dual class share structures (DCSS), to clarify what must be disclosed on IPO, and to streamline the framework for share buybacks. The package is designed to update the Code for current market practice, in particular following the Financial Conduct Authority (FCA)’s overhaul of the UK Listing Rules last year, and to maintain robust, equitable safeguards for shareholders. The consultation is open until 26 September 2025. The Panel expects to publish a response statement with the final changes to the Code by the end of 2025, aiming for the amendments to take effect in the first quarter of 2026. See News Analysis: Takeover Panel proposes reforms to address dual class share structures, IPO disclosures and share buybacks for further details...

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