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The Takeovers Directive (Interim Implementation) Regulations 2006

S.I. 2006/1183 · Made 25 April 2006

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

COMPANIES

Made 25th April 2006

Laid before Parliament 27th April 2006

Coming into force 20th May 2006

The Secretary of State is a Minister designatedf1 for the purposes of section 2(2) of the European Communities Act 1972f2 in relation to company takeovers.

In exercise of the powers conferred by section 2(2) of that Act the Secretary of State makes the following Regulations:

Annotations to the whole text

Footnotes

f1

S.I. 2005/2766.

f2

1972 c. 68.

Contents

  1. Part 1: General
  2. 1Citation and Commencement
  3. 2Interpretation
  4. Part 2: The Takeover Panel
  5. Chapter 1: The Panel and its rules
  6. 3The rules
  7. 4The Panel
  8. 5Publication of the Code
  9. Chapter 2: Information
  10. 6Power to require documents and information
  11. 7Restrictions on disclosure
  12. 8Offence of disclosure in contravention of regulation 7
  13. Chapter 3: Co-operation
  14. 9Duty of co-operation
  15. Chapter 4: Contravention of rules etc.
  16. 10Failure to comply with rules about bid documentation
  17. 11Enforcement by the court
  18. 12No action for breach of statutory duty etc.
  19. 13Interpretation of Chapter 4
  20. Chapter 5: Miscellaneous and supplementary
  21. 14Recovery of fees or charges
  22. 15Panel as party to proceedings
  23. 16Exemption from liability in damages
  24. 17Privilege against self-incrimination
  25. 18Amendments and modifications to Financial Services and Markets Act 2000
  26. Part 3: Impediments to Takeovers
  27. Chapter 1: Interpretation
  28. 19Interpretation of Part
  29. Chapter 2: Opting in and opting out
  30. 20Opting in and opting out
  31. 21Further provisions about opting-in and opting-out resolutions
  32. Chapter 3: Consequences of opting in
  33. 22Effect on contractual restrictions
  34. 23Power of offeror to require general meeting to be called
  35. Chapter 4: Supplementary
  36. 24Communication of decisions
  37. Part 4: Directors' Report etc.
  38. 25Matters to be dealt with in directors' report
  39. 26Matters to be dealt with in directors' report
  40. 27Summary financial statement
  41. 28Expressions in the Companies Act 1985
  42. Part 5: Squeeze-out and sell-out
  43. 29Takeover offers
  44. 30Takeover offers
  45. 31Takeover offers
  46. 32Takeover offers
  47. Signature
  48. Schedule 1: SPECIFIED PERSONS, DESCRIPTIONS OF DISCLOSURES ETC. FOR THE PURPOSES OF REGULATION 7
  49. Part 1: SPECIFIED PERSONS
  50. 1Paragraph 1
  51. 2Paragraph 2
  52. 3Paragraph 3
  53. 4Paragraph 4
  54. 5Paragraph 5
  55. 6Paragraph 6
  56. 7Paragraph 7
  57. 8Paragraph 8
  58. 9Paragraph 9
  59. 10Paragraph 10
  60. 11Paragraph 11
  61. 12Paragraph 12
  62. Part 2: SPECIFIED DESCRIPTIONS OF DISCLOSURES
  63. 13Paragraph 13
  64. 14Paragraph 14
  65. 15Paragraph 15
  66. 16Paragraph 16
  67. 17Paragraph 17
  68. 18Paragraph 18
  69. 19Paragraph 19
  70. 20Paragraph 20
  71. 21Paragraph 21
  72. 22Paragraph 22
  73. 23Paragraph 23
  74. 24Paragraph 24
  75. 25Paragraph 25
  76. 26Paragraph 26
  77. 27Paragraph 27
  78. 28Paragraph 28
  79. 29Paragraph 29
  80. 30Paragraph 30
  81. 31Paragraph 31
  82. 32Paragraph 32
  83. 33Paragraph 33
  84. 34Paragraph 34
  85. 35Paragraph 35
  86. 36Paragraph 36
  87. 37Paragraph 37
  88. 38Paragraph 38
  89. 39Paragraph 39
  90. 40Paragraph 40
  91. 41Paragraph 41
  92. 42Paragraph 42
  93. 43Paragraph 43
  94. 44Paragraph 44
  95. 45Paragraph 45
  96. 46Paragraph 46
  97. 47Paragraph 47
  98. 48Paragraph 48
  99. 49Paragraph 49
  100. 50Paragraph 50
  101. 51Paragraph 51
  102. 52Paragraph 52
  103. 53Paragraph 53
  104. 54Paragraph 54
  105. 55Paragraph 55
  106. 56Paragraph 56
  107. 57Paragraph 57
  108. 58Paragraph 58
  109. 59Paragraph 59
  110. 60Paragraph 60
  111. 61Paragraph 61
  112. 62Paragraph 62
  113. 63Paragraph 63
  114. 64Paragraph 64
  115. 65Paragraph 65
  116. 66Paragraph 66
  117. 67Paragraph 67
  118. 68Paragraph 68
  119. 69Paragraph 69
  120. 70Paragraph 70
  121. Part 3: OVERSEAS REGULATORY BODIES
  122. 71Paragraph 71
  123. 72Paragraph 72
  124. 73Paragraph 73
  125. Schedule 2: SQUEEZE-OUT AND SELL-OUT
  126. 1Meaning of takeover offer
  127. 2Right of offeror to buy out minority shareholders
  128. 3Effect of notice under paragraph 2
  129. 4Right of minority shareholder to be bought out by offeror
  130. 5Effect of requirement under paragraph 4
  131. 6Applications to the court
  132. 7Joint offers
  133. 8Associates
  134. 9Convertible securities
  135. 10Debentures carrying voting rights
  136. 11Interpretation
  137. Explanatory note