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

The UK’s Takeover Panel (UK Panel) has consulted on a proposal to discontinue its participation 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 will be that the UK’s Takeover Code will no longer apply to takeover offers for certain companies currently benefitting from the shared jurisdiction regime. If this proposal goes ahead and if there is a ‘no deal’ Brexit with no delay, the change will take effect from 11pm on 29 March 2019. If a transition period is agreed for the UK’s withdrawal from the EU, the change will occur at the end of the transition period.