11 Dec 2023

A Guide to Takeovers in the United Kingdom

Memorandum providing a general guide to takeovers of listed companies in the UK

This memorandum is a general guide to takeovers of UK incorporated and listed companies subject to The City Code on Takeovers and Mergers. It describes the UK bodies which regulate takeovers of such companies and summarises the more important legislation and rules under which they do so.

Topics covered in this memorandum include:

  • relevant regulatory bodies, especially The Panel on Takeovers and Mergers
  • the City Code, with summaries of key provisions
  • other relevant legislation and rules, including legislation regarding prospectuses
  • schemes of arrangement
  • dealing and disclosure requirements
  • important thresholds of shareholdings in takeovers
  • summary offer timetables
  • UK competition and national security and investment legislation
  • EU competition and foreign subsidies rules
  • brief summary of the basic jurisdictional tests and notification requirements of the national merger control regimes in some other EU and EFTA states



This material is provided for general information only. It does not constitute legal or other professional advice.

Practices Corporate and M&A
Contact Information
Stephen Cooke
Partner at Slaughter and May
Roland Turnill
Partner at Slaughter and May
Christian Boney
Partner at Slaughter and May