C6C3C4C2Part 28Takeovers etc

Annotations:
Modifications etc. (not altering text)
C3

Pts. 1-39 modified (31.12.2020) by Regulation (EC) No. 2157/2001, Art. AAA1(3) (as inserted by The European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1298), regs. 1, 97 (with regs. 140-145) (as amended by S.I. 2020/523, regs. 1(2), 5(a)-(f)); 2020 c. 1, Sch. 5 para. 1(1))

C1C3C5 Chapter 1The Takeover Panel

Annotations:
Modifications etc. (not altering text)
C1

Pt. 28 Ch. 1 extended (Isle of Man) (with modifications) (1.3.2009) by The Companies Act 2006 (Extension of Takeover Panel Provisions) (Isle of Man) Order 2008 (S.I. 2008/3122), art. 2, Sch.

The Panel and its rules

I1943Rules

F11

The Panel must make rules—

a

giving effect to the general principles in Part 1 of Schedule 1C, and

b

in accordance with Part 2 of that Schedule.

F31A

Rules must specify the percentage of voting rights that gives a person control of a company for the purposes of this Chapter and how it is to be calculated.

2

Rules made by the Panel may also make other provision—

a

for or in connection with the regulation of—

i

takeover bids,

ii

merger transactions, and

iii

transactions (not falling within sub-paragraph (i) or (ii)) that have or may have, directly or indirectly, an effect on the ownership or control of companies;

b

for or in connection with the regulation of things done in consequence of, or otherwise in relation to, any such bid or transaction;

c

about cases where—

i

any such bid or transaction is, or has been, contemplated or apprehended, or

ii

an announcement is made denying that any such bid or transaction is intended.

3

The provision that may be made under subsection (2) includes, in particular, provision for a matter that is, or is similar to, a matter provided for by the Panel in the City Code on Takeovers and Mergers as it had effect immediately before the passing of this Act.

4

In relation to rules made by virtue of section 957 (fees and charges), functions under this section may be discharged either by the Panel itself or by a committee of the Panel (but not otherwise).

5

In relation to rules of any other description, the Panel must discharge its functions under this section by a committee of the Panel.

6

Section 1 (meaning of “company”) does not apply for the purposes of this section.

7

In this section “takeover bid” includes a takeover bid within the meaning F2given by paragraph 20(1) of Schedule 1C.

F48

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9

A reference to rules in the following provisions of this Chapter is to rules under this section.