PCP 2017/2: Another round in policing intention statements

On 19 September 2017, the Takeover Panel published its public consultation paper (PCP 2017/2) on statements of intention and related matters, following the Panel's concerns about the quality of disclosures by a bidder in relation to its intentions for the target business. The area of intention statements has now been consulted on a number of times. Commentators have suggested that the proposed changes have been driven by the prime minister’s comments ahead of the general election campaign that bidders would have to be clear about their intentions, partly in response to certain high profile bids for UK companies and concerns on the effects of such bids on UK employees. This briefing considers some of the proposals set out in the consultation paper to address this issue and other related matters.