UK:
Amendment Of Takeover Code
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Under amendments to the Takeover Code with effect from 20 May
2013, pension scheme trustees will be entitled to receive certain
of the offer documents as well as information on the bidder's
intentions on employer contributions and funding the scheme
deficit. Trustees are to be entitled to have their opinion of the
effect of the bid on the pension scheme included in the target
company's response to the offer.
Wedlake Bell comment: from trustees'
perspective formalising scheme trustees' status in a bid
situation is welcome.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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