The ‘Red-Tape Revolution’?


The Takeover Panel has unleashed a fresh batch of requirements for M&A transactions. They have not been welcomed. Hunter Ruthven reports


I


n an era when simply getting deals done is proving ever more difficult, the implementation of new government takeover regulations was sure to attract derision and disappointment. And so it has proved, with certain commentators speculating that the latest initiatives may well derail the tentative


54 Mergers & Acquisitions


improvements in the M&A sector. The Takeover Panel’s changes (see box right), will come into force on 19 September 2011 with the aim of bringing clarity, transparency and speed to the takeover process. However, the mid-market is likely to feel the effects of many unintended consequences.


28 TRANSPARENCY DAYS Maureen Laurie, a partner at HR consultant Altaia Partners, reckons forcing bidding companies to announce who they are, and to submit a formal, binding and transparent bid within a 28-day period, will put additional strain on deals and change the overall ‘tone’ in which takeover


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