Panel on Takeovers and Mergers

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The Panel on Takeovers and Mergers (the 'Takeover Panel' or 'PTM') is a regulatory body located in London, England. It was set up in 1968 and is charged with the administration of the City Code on Takeovers and Mergers. Its role is to ensure that all shareholders are treated equally during takeover bids.

The Panel is a non-statutory body. It has no legal power to enforce its decisions. However, it has established a reputation for giving informed advice in an expert area of regulatory activity. It is the de facto arbiter of takeover bids and has the support of government and other organisations with statutory involvement.

The European Takeovers Directive mandates that the Panel is put on a statutory footing. This was completed in the Companies Act 2006.

Whenever a transaction is made on the LSE or other London-based exchange that is greater than £10000 the details of the transaction get passed on to the panel for their evaluation, and a levy is charged of (currently) £1.00 on the transaction, which goes to the panel as payment (known as the 'PTM levy').