Takeover Code - Removal of restrictions on anonymous order book dealings

The Takeover Panel is consulting on removing the restriction on a bidder purchasing target shares through an anonymous order book during an offer period.

The rationale for the removal of this restriction is that it is no longer proportionate for the Takeover Code to restrict purchases of target shares by a bidder on an anonymous order book.

If the proposal is adopted, this will remove some of the logistical issues attached to a bidder buying target shares, since the Takeover Panel believes that it is usually difficult, in practice, for a bidder to purchase target shares in the market at the prevailing market price. The consultation ends on 18 March 2022.

The Takeover Panel's consultation paper is available here

Published 10 February, 2022

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