The Takeover Code

The Takeover code The Panel on takeovers and MergersAll rights reservedISBN 0 9500466 6 3 PFBPHT ypeset and printed by Bowne International WITH THE PANELP ostal communications should be addressed to the Secretary, Panel onTakeovers and Mergers, 10 Paternoster Square, London EC4M 7DY. Byhand items should also be delivered there. The telephone number is020 7382 9026; facsimile 020 7236 telephone number of the Panel s Market Surveillance Unit is020 7638 0129; facsimile 020 7236 THIS VOLUME UP-TO-DATEF uture amendments or additions will be made by the issue of replacement ornew and when amendments or additions are published they will beaccompanied by an updated checklist of page references (see inside backcover). In this way it will be possible to be sure that the volume is copies may be obtained from the Secretary, Panel on takeovers andMergers, at a price of 50 each. There is an annual charge of 25 for theamendments DATESF irst edition in loose-leaf format19 April 1985 Second edition26 January 1988 Third edition25 October 1990 Fourth edition8 July 1993 Fifth edition16 December 1996 Sixth edition12 July 2000 Seventh edition1 May 2002 Eighth edition20 May 2006(From time to time amendments are issued.)

1 contents—summary the city code on takeovers and mergers (the code) section introduction a general principles b definitions c the approach, announcements and

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