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On 31 March 2021, the UK Takeover Panel (the Panel) published Response Statement 2020/1 (the RS) in response to the Public Consultation Paper 2020/1 published by the Panel on 27 October 2020 (the PCP). The PCP proposed significant changes to the UK Takeover Code (the Code) with regard to the offer timetable and the treatment of conditions to offers. For more on the PCP’s proposals, see our 29 October 2020 client alert “UK Takeover Panel Proposes Significant Changes to the Offer Timetable and the Treatment of Conditions.”
The RS confirms that the Panel will adopt the amendments proposed in the PCP, subject to certain minor modifications. The amendments to the Code will take effect on 5 July 2021. The Code, as amended, will apply to all offers which are announced in accordance with Rule 2.7 of the Code on or after 5 July 2021 (except where to do so would give the amendments retroactive effect).
Still Open for Business: Navigating the UK s New National Security and Investment Regime | Skadden, Arps, Slate, Meagher & Flom LLP
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Of course we re protecting our critical infrastructure. We will take tough measures to call out China for what they re doing in Xinjiang. There is a balance to be struck because, after all, we have a strong trading relationship with China worth about £81billion. China is the second largest economy. But we ve also got to be tough where we see risk and that s why this Government has brought in the National Security and Investment Bill to protect our intellectual property.
Boris Johnson said the UK must strike a balance with Beijing (Image: PA)
Chairman of the Defence Committee Tobias Ellwood said: I was hoping for a Fulton, Missouri moment (where Sir Winston Churchill made his Iron Curtain speech in 1946), when we finally call out China for the geostrategic threat that it is.