The Takeover Panel 2024 / 2025 Annual Report and Accounts are published

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On 21 July 2025 The Takeover Panel issued Practice Statement 2025/10 to announce the publication of its Annual Report and Accounts for the year ended 31 March 2025.
The Report provides a detailed overview of the Panel’s activities in 2024/2025 and gives insight into the activity in the UK public markets during that time. For example:
Particular highlights for the Panel include:
The Report also notes recent consultation updates such as PCP 2025/1 which suggests Code amendments in relation to dual class share structures, IPOs and share buybacks.
The Executive has recently published:
An unlisted share alternative as a form of consideration is a common feature of Private Equity backed offers and needs careful structuring to avoid breaching the equality of shareholder treatment principles enshrined in the Code (including Rule 16). Burges Salmon recently acted for the senior management team on the recommended takeover of Loungers plc by Fortress. Practice Statement 36 helpfully clarifies how the Executive would typically view certain terms, restrictions and limitations included in an unlisted share alternative (such as the use of minimum and maximum acceptance thresholds).
If you would like to discuss this update, please speak to your usual Burges Salmon contact, Nick Graves (Head of the Corporate Department), AJ Venter (Partner, Corporate and M&A) or Charlotte Hamilton (Senior Associate, Corporate and M&A).