The Takeovers Directive (Interim Implementation) Regulations 2006

  1. Introductory Text

  2. PART 1 General

    1. 1.Citation and Commencement

    2. 2.Interpretation

  3. PART 2 The Takeover Panel

    1. CHAPTER 1 The Panel and its rules

      1. 3.The rules

      2. 4.The Panel

      3. 5.Publication of the Code

    2. CHAPTER 2 Information

      1. 6.Power to require documents and information

      2. 7.Restrictions on disclosure

      3. 8.Offence of disclosure in contravention of regulation 7

    3. CHAPTER 3 Co-operation

      1. 9.Duty of co-operation

    4. CHAPTER 4 Contravention of rules etc.

      1. 10.Failure to comply with rules about bid documentation

      2. 11.Enforcement by the court

      3. 12.No action for breach of statutory duty etc.

      4. 13.Interpretation of Chapter 4

    5. CHAPTER 5 Miscellaneous and supplementary

      1. 14.Recovery of fees or charges

      2. 15.Panel as party to proceedings

      3. 16.Exemption from liability in damages

      4. 17.Privilege against self-incrimination

      5. 18.Amendments and modifications to Financial Services and Markets Act 2000

  4. PART 3 Impediments to Takeovers

    1. CHAPTER 1 Interpretation

      1. 19.Interpretation of Part

    2. CHAPTER 2 Opting in and opting out

      1. 20.Opting in and opting out

      2. 21.Further provisions about opting-in and opting-out resolutions

    3. CHAPTER 3 Consequences of opting in

      1. 22.Effect on contractual restrictions

      2. 23.Power of offeror to require general meeting to be called

    4. CHAPTER 4 Supplementary

      1. 24.Communication of decisions

  5. PART 4 Directors' Report etc.

    1. 25.Matters to be dealt with in directors' report

    2. 26.(1) In addition to the matters required by section 234ZZA...

    3. 27.Summary financial statement

    4. 28.Expressions in the Companies Act 1985

  6. PART 5 Squeeze-out and sell-out

    1. 29.Takeover offers

    2. 30.Where a takeover offer is made for a company that...

    3. 31.In this Part “company” means— (a) a company within the...

    4. 32.Except as otherwise provided expressions that are defined for the...

  7. Signature

    1. SCHEDULE 1

      SPECIFIED PERSONS, DESCRIPTIONS OF DISCLOSURES ETC. FOR THE PURPOSES OF REGULATION 7

      1. PART 1 SPECIFIED PERSONS

        1. 1.The Secretary of State.

        2. 2.The Department of Enterprise, Trade and Investment for Northern Ireland....

        3. 3.The Treasury.

        4. 4.The Bank of England.

        5. 5.The Financial Services Authority.

        6. 6.The Commissioners for Her Majesty’s Revenue and Customs.

        7. 7.The Lord Advocate.

        8. 8.The Director of Public Prosecutions.

        9. 9.The Director of Public Prosecutions for Northern Ireland.

        10. 10.A constable.

        11. 11.A procurator fiscal.

        12. 12.The Scottish Ministers.

      2. PART 2 SPECIFIED DESCRIPTIONS OF DISCLOSURES

        1. 13.A disclosure for the purpose of enabling or assisting a...

        2. 14.A disclosure for the purpose of enabling or assisting an...

        3. 15.A disclosure for the purpose of enabling or assisting a...

        4. 16.A disclosure for the purpose of enabling or assisting a...

        5. 17.A disclosure for the purpose of enabling or assisting a...

        6. 18.A disclosure for the purpose of enabling or assisting a...

        7. 19.A disclosure for the purpose of enabling or assisting the...

        8. 20.A disclosure for the purpose of enabling or assisting a...

        9. 21.A disclosure for the purpose of enabling or assisting a...

        10. 22.A disclosure for the purpose of enabling or assisting a...

        11. 23.A disclosure for the purpose of enabling or assisting the...

        12. 24.A disclosure for the purpose of enabling or assisting a...

        13. 25.A disclosure for the purpose of enabling or assisting the...

        14. 26.A disclosure for the purpose of enabling or assisting the...

        15. 27.A disclosure for the purpose of enabling or assisting the...

        16. 28.A disclosure for the purpose of enabling or assisting a...

        17. 29.A disclosure for the purpose of enabling or assisting the...

        18. 30.A disclosure for the purpose of enabling or assisting the...

        19. 31.A disclosure for the purpose of enabling or assisting—

        20. 32.A disclosure for the purpose of enabling or assisting the...

        21. 33.A disclosure for the purpose of enabling or assisting organs...

        22. 34.A disclosure for the purpose of enabling or assisting the...

        23. 35.A disclosure for the purpose of enabling or assisting the...

        24. 36.A disclosure with a view to the institution of, or...

        25. 37.A disclosure for the purpose of enabling or assisting an...

        26. 38.A disclosure for the purpose of enabling or assisting the...

        27. 39.A disclosure for the purpose of enabling or assisting the...

        28. 40.A disclosure for the purpose of enabling or assisting the...

        29. 41.A disclosure by the National Lottery Commission to the National...

        30. 42.A disclosure for the purpose of enabling or assisting a...

        31. 43.A disclosure for the purpose of enabling or assisting an...

        32. 44.A disclosure for the purpose of enabling or assisting an...

        33. 45.A disclosure for the purpose of enabling or assisting a...

        34. 46.A disclosure for the purpose of enabling or assisting the...

        35. 47.A disclosure for the purpose of enabling or assisting the...

        36. 48.A disclosure for the purpose of enabling or assisting a...

        37. 49.A disclosure for the purpose of enabling or assisting a...

        38. 50.A disclosure for the purpose of enabling or assisting a...

        39. 51.A disclosure for the purpose of enabling or assisting a...

        40. 52.A disclosure with a view to the institution of, or...

        41. 53.A disclosure for the purpose of enabling or assisting a...

        42. 54.A disclosure for the purpose of enabling or assisting a...

        43. 55.A disclosure for the purpose of enabling or assisting an...

        44. 56.A disclosure for the purpose of enabling or assisting the...

        45. 57.A disclosure for the purpose of enabling or assisting a...

        46. 58.A disclosure for the purpose of enabling or assisting an...

        47. 59.A disclosure for the purpose of enabling or assisting the...

        48. 60.A disclosure with a view to the institution of, or...

        49. 61.A disclosure for the purpose of enabling or assisting a...

        50. 62.A disclosure with a view to the institution of, or...

        51. 63.A disclosure with a view to the institution of, or...

        52. 64.A disclosure for the purposes of proceedings before the Financial...

        53. 65.A disclosure for the purposes of proceedings before the Pensions...

        54. 66.A disclosure for the purpose of enabling or assisting a...

        55. 67.A disclosure with a view to the institution of, or...

        56. 68.A disclosure with a view to the institution of, or...

        57. 69.A disclosure for the purpose of the provision of a...

        58. 70.A disclosure in pursuance of any Community obligation.

      3. PART 3 OVERSEAS REGULATORY BODIES

        1. 71.A disclosure is made in accordance with this Part of...

        2. 72.The persons or bodies that are within this paragraph are...

        3. 73.In determining whether to disclose information to a person or...

    2. SCHEDULE 2

      SQUEEZE-OUT AND SELL-OUT

      1. 1.Meaning of takeover offer

      2. 2.Right of offeror to buy out minority shareholders

      3. 3.Effect of notice under paragraph 2

      4. 4.Right of minority shareholder to be bought out by offeror

      5. 5.Effect of requirement under paragraph 4

      6. 6.Applications to the court

      7. 7.Joint offers

      8. 8.Associates

      9. 9.Convertible securities

      10. 10.Debentures carrying voting rights

      11. 11.Interpretation

  9. Explanatory Note