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Takeover Code – Removal of the Residency Test and Profit Forecasts/Estimates

This article provides an update on the recent changes to the Takeover Code (“Code”). These changes include:

  • amendments to the rules which determine whether companies are subject to the Code, namely the removal of the residency test. These changes came into effect on 30 September 2013, and apply from that date to all companies and transactions to which the Code relates. This includes live transactions which were in progress at the effective date, and
  • the inclusion of a new Rule 28, which sets out the new regime applicable to profit forecasts and profit estimates, amongst other things.

These changes also came into effect on 30 September 2013.

Please click here to read the full article (PDF)

This article was written by Mark Howard.

For more information please contact Mark on +44 (0)20 7203 8902 or mark.howard@crsblaw.com