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Update: Brexit to end UK Takeover Panel’s role in EU ‘shared jurisdiction’ regime – what this means for affected issuers

The UK’s Takeover Panel (the Panel) has indicated that it intends to adopt a proposal to stop participating in the shared jurisdiction regime under the EU Takeover Directive after Brexit. The Panel sees this change as a natural consequence of the UK’s decision to exit the EU. The result is that after Brexit the UK’s Takeover Code will no longer apply to takeover offers for certain companies currently benefitting from the shared jurisdiction regime. If there is a ‘no deal’ Brexit with no delay, the change will take effect from 11pm on 29 March 2019. Unusually the Panel has not implemented the change immediately because its effective date (ie Brexit date) is uncertain. When the timing of Brexit is clearer, the Panel will formally make the change to the rules of the Code and announce that on its website.