Panel on Takeovers and Mergers
| Agency overview | |
|---|---|
| Formed | 1968 |
| Jurisdiction | United Kingdom |
| Headquarters | London |
| Employees | 26 |
| Agency executive | Robert AJ Gillespie, Evercore Partners – Director General |
| Website | http://www.thetakeoverpanel.org.uk/ |
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. Its main functions are to issue and administer the City Code on Takeovers and Mergers (the "Code") and to supervise and regulate takeovers and other matters to which the Code applies. Its central objective is to ensure fair treatment for all shareholders in takeover bids.
Powers
The Panel is a 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.[1]
Whenever a transaction is made on the LSE or other London-based exchange that is greater than £10,000, 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").[2]
International equivalents
The Panel's equivalent in Australia is the Australian Takeovers Panel.
The Panel's equivalent in Ireland is the Irish Takeover Panel, the statutory body responsible for monitoring and supervising takeovers and other relevant transactions in relevant companies in Ireland.[3]
The Panel's equivalent in New Zealand is the Takeovers Panel which oversees the administration of the Takeovers Code under the Takeovers Act 1993.[4]