Recap on the existing policyUnder the ‘Truth in Takeovers’...

Recap on the existing policy

Under the ‘Truth in Takeovers’ policy, if a market participant (ie a bidder, target or shareholder) makes a public statement that it will or will not do something (for example, a bidder will not increase or extend a bid), then all other stakeholders in the market should be able to rely on the accuracy of that statement. A market participant who then departs from its statement risks regulatory action for misleading or deceptive conduct or an application to the Takeovers Panel for a declaration of unacceptable circumstances.

There can be no doubt that the policy is a key part of maintaining market integrity and confidence.