An Introduction to the Takeover Code - The Blue Book

Pricing

Cost for BPP PD Members: £490 + VAT 6 CPD Hours
(£615.00 + VAT for non BPP PD Members Click Here for details of our membership scheme).

Course level

Introductory

Delegates

This course will be of benefit to those who require current knowledge of the UK Takeover Code, including executives and shareholders in public companies and their professional advisors.

Overview

This one-day course provides a detailed, up-to-date review of the key provisions of the City Code on Takeovers and Mergers (the 'Blue Book'). Given the significant rule changes that have come into effect since 2011, this review will put delegates in a position to advise on the Code’s applicability, relevance and requirements during a UK takeover bid.

No prior knowledge of the City Code is assumed.

Learning outcomes include obtaining a greater understanding of:

  • An overview of competition regulation
    - UK merger control regime
    - CMA notification and investigation
    - European merger control
    - Criteria for EC investigation
  • The Takeover Panel and the Takeover Code
    - Panel structure and functions
    - Panel powers
    - When and to whom does the Takeover Code apply?
    - Interaction with financial regulators and government bodies
  • The rules and general principles
    - The six general principles of the Code
  • Making an offer
    - The approach
    - Secrecy
  • Bidding strategies
  • Schemes of arrangement and public offers
    - Requirements for announcements
    - Advisors' role
  • Offer and defence documentation
    - Offer and defence document requirements
    - Profit forecasts
    - Earnings enhancement statements
  • Dealing in shares
    - 'Acting in concert'
    - Dealing in the offer period
  • Voluntary and mandatory offers
    - The Code definition of 'control'
    - When is a mandatory offer required?
    - Exemptions from the requirement for a mandatory offer
    - Differences between mandatory and voluntary offers
  • Conduct during an offer
    - Price and structure restriction
    - Disclosing dealings
    - Frustrating action
    - Unacceptable conduct
  • The offer timetable
    - “Put Up or Shut Up” 28 day rule
    - Summary bid timetable
  • Code update
    - Recent and future potential developments in the takeover code

  • "A CPD certificate of completion will be provided by BPP Professional Education Limited upon request, following attendance."


    Course Dates

    Location Dates Time Availability  
    London 22 Sep 2017 9:00 AM - 5:00 PM  Limited Book Now
    London 08 Dec 2017 9:00 AM - 5:00 PM  Spaces Book Now

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