City Code on Takeovers and Mergers
- City Code on Takeovers and Mergers
A code first laid down in 1968, and subsequently modified, giving the practices to be observed in company takeovers and mergers. Encouraged by the Bank of England, the code was compiled by a panel (the Takeover Panel) including representatives from the London Stock Exchange Association, the Issuing Houses Association, the London Clearing Bankers, and others. The code does not have the force of law but the panel can admonish offenders and refer them to their own professional bodies for disciplinary action.
The code attempts to ensure that all shareholders, including minority shareholders, are treated equally, are kept advised of the terms of all bids and counterbids, and are advised fairly by the directors of the company receiving the bid on the likely outcome if the bid succeeds. Its many other recommendations are aimed at preventing directors from acting in their own interests rather than those of their shareholders, ensuring that the negotiations are conducted openly and honestly, and preventing a spurious market arising in the shares of either side.
Accounting dictionary.
2014.
Look at other dictionaries:
City Code on Takeovers and Mergers — a body of principles and rules regulating the conduct of takeovers and mergers of public companies. While its provisions are not legally binding, contravention may result in the imposition of sanctions by the Stock Exchange. The Panel on… … Law dictionary
City Code on Takeovers and Mergers — The City Code on Takeovers and Mergers (2009) is a binding set of rules that apply to listed companies in the United Kingdom, such as those trading on the London Stock Exchange. Many of its provisions are mirrored in the EU Takeover Directive… … Wikipedia
City Code on Takeovers and Mergers — The full name of The Takeover Code. Dresdner Kleinwort Wasserstein financial glossary The principles and rules governing takeovers and mergers of UK companies. London Stock Exchange Glossary … Financial and business terms
City Code on Takeovers and Mergers — A code first laid down in 1968, and subsequently modified, giving the practices to be observed in company takeovers (see takeover bid) and mergers It is administered by a panel (the Takeover Panel) including representatives from major financial… … Big dictionary of business and management
City Code on Takeovers And Mergers — See: dawn raid … Financial and business terms
The City Code on Takeovers and Mergers — The full name of The Takeover Code. Dresdner Kleinwort Wasserstein financial glossary … Financial and business terms
Panel on Takeovers and Mergers — The UK regulatory body that issues and enforces the City Code on Takeovers and Mergers and oversees its daily application. In doing so, the Panel aims to ensure that the spirit and not just the letter of the Code are followed. The Panel is a body … Law dictionary
Panel on Takeovers and Mergers — The Panel on Takeovers and Mergers (the Takeover Panel or PTM ) is a regulatory body located in London, England. It was set up in 1968 and is charged with the administration of the City Code on Takeovers and Mergers. Its role is to ensure that… … Wikipedia
Panel on Takeovers and Mergers — See City Code on Takeovers and Mergers … Big dictionary of business and management
City Code — also City Code on Takeovers and Mergers ➔ code * * * City Code UK US noun [S] (also City Code on Takeovers and Mergers) LAW ► a set of rules and standards of behaviour for businesses that are buyin … Financial and business terms
