The Takeover Panel

What The Takeover Panel does

The Takeover Panel (formally The Panel on Takeovers and Mergers) is an independent UK statutory regulatory body established in 1968 to issue and administer the City Code on Takeovers and Mergers and to supervise takeovers and other matters to which the Code applies. Its principal mandate is to ensure fair treatment for all shareholders of the same class and to provide an orderly framework for takeover bids. Jurisdiction covers companies registered in the United Kingdom, Channel Islands, and Isle of Man, with a recent scope expansion effective from 3 February 2025 carrying a two-year transition period through 2 February 2027. The Panel's statutory functions are set out in Chapter 1 of Part 28 of the Companies Act 2006, and it has parallel statutory basis in Isle of Man, Jersey, and Guernsey.

The Panel's core product is the Takeover Code itself, comprising six General Principles, 38 Rules, and nine Appendices. Supporting outputs include Practice Statements (informal Executive guidance), Instruments (rule changes from 2006 onwards), a daily-updated Disclosure Table distributed in XLS/CSV/XML formats, a suite of Rule 8 disclosure forms (Forms 8, 8.3, 8.5, 8.6, 8.7), Panel Statements, Panel Bulletins, Annual Reports, checklists and templates for financial advisers, and the PTM Levy administration. The Panel does not build or sell commercial technology products; its "technology" is regulatory infrastructure backed by a defined network of six approved Regulatory Information Services (including RNS, Business Wire, GlobeNewswire, PR Newswire, MFN, and EQS) through which mandatory disclosures must be routed.

The Panel is self-funded rather than government-grant-funded. It derives income from three transactional streams: document charges on offer documents and Rule 9 waiver circulars (scaled from £7,500 for deals of £5-10M up to £350,000 for deals over £5B); a PTM levy of 150p per contract on trades in securities of Code-protected companies where consideration exceeds £10,000; and exempt/recognised intermediary status charges of £7,500 per entity at approval and review. Governance is split between a 33-member Panel (including a Chair, three Deputy Chairs, and up to 20 appointed members, plus 9 members nominated by major financial and business institutions) and a Panel Executive led by a Director General (on secondment from Barclays) supported by three Deputy Directors General and a Secretary (on secondment from Herbert Smith Freehills Kramer). Enforcement is exercised through Hearings Committees with appeal to the separate Takeover Appeal Board and through the cold-shouldering mechanism, which bars sanctioned individuals from acting in Code transactions for specified periods.

Name

The Takeover Panel

Legal name

The Takeover Panel

Website

https://thetakeoverpanel.org.uk

Company type

Public

Founded year

1968

Operating status

Operating

Headcount range

11–50 employees

Short description

The Takeover Panel is an independent UK statutory body, established in 1968, that issues and administers the City Code on Takeovers and Mergers to ensure fair shareholder treatment and orderly conduct of takeovers across the UK, Channel Islands, and Isle of Man.

Ownership category

akta.pro rank

Product category

Securities Regulation

NAICS

Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors (926150), Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors (92615)

akta.pro primary industry

Governance & Board Effectiveness Advisory (BPAHAFAC)

Keywords

• Takeover regulation
• Merger code administration
• Securities regulation
• Shareholder protection
• Corporate governance

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Others

Revenue model

1. Document Charges: Charges payable on offer documents when published, and on Rule 9 waiver circulars. Scale ranges from £7,500 for offers valued £5-10 million to £350,000 for offers over £5,000 million.
2. PTM Levy: Charge on certain trades in securities of companies whose shareholders benefit from Code protections. Levy rate is 150p per contract where total consideration exceeds £10,000.
3. Exempt/Recognised Intermediary Status Charges: Charge of £7,500 for each exempt entity payable at first approval and at each review. No charge for special or ad hoc exempt status.

Pricing tiers

Distribution channels3 records

Marketing channels5 records

Core offering

The Takeover Panel is an independent statutory regulatory body, established in 1968, that issues and administers the City Code on Takeovers and Mergers and supervises takeover and merger transactions in the UK, Channel Islands, and Isle of Man. It provides a regulatory framework (six General Principles, 38 Rules, and nine Appendices) ensuring fair treatment for shareholders and orderly conduct of takeover bids, together with administrative services such as disclosure processing, exempt and recognised intermediary status, and document charge administration.

Product overview

The Takeover Panel is a regulatory body (established in 1968) that administers the City Code on Takeovers and Mergers across the UK, Channel Islands, and Isle of Man. Its portfolio consists of regulatory publications (the Takeover Code comprising 38 Rules and 6 General Principles), Practice Statements providing informal guidance, and Instruments documenting rule changes. Supporting products include the Disclosure Table (listing ongoing offers in XLS/CSV/XML formats), Disclosure Forms (Form 8 series), Panel Statements/Bulletins, Annual Reports, and administrative services such as PTM Levy collection, Exempt/Recognised Intermediary status, and Document Charge administration. The Panel also provides checklists and templates for regulatory submissions. The organization does not operate commercial software products but rather issues regulatory frameworks, guidance, and administrative services for takeover transactions.

Differentiator

Problem solved

Functional benefit

Products and services

• City Code on Takeovers and Mergers The primary regulatory framework administered by the Panel, comprising six General Principles, 38 Rules, and nine Appendices. Designed to ensure fair treatment for shareholders and an orderly framework for takeovers in the UK, Channel Islands, and Isle of Man.
• Disclosure Table Real-time registry of ongoing and potential takeover offers, showing offeree companies, offerors, offer periods, LEI codes, ISINs, and Number of Securities in Issue. Available in XLS, CSV, and XML formats for market participants.
• Disclosure Forms Standardized forms for Opening Position Disclosures and Dealing Disclosures required under Rule 8 of the Takeover Code. Includes Form 8 (OPD), Form 8 (DD), Form 8.3, Form 8.5, Form 8.6, Form 8.7, and Supplemental Forms.
• Exempt and Recognised Intermediary Status Services Processes for granting exempt status to fund managers and principal traders, and recognised intermediary status to trading desks, subject to periodic Panel reviews and applicable charges of £7,500 per exempt entity at approval and each review.
• Checklists and Templates Standardized checklists and supplementary forms for financial advisers to complete and submit with announcements and documents under Rule 30.5. Includes templates for possible offers, firm offers, offer documents, scheme circulars, and Rule 21.1 circulars.
• Cold-Shouldering Procedures Compliance enforcement mechanism where persons authorized by the FCA or professional bodies are barred from acting for individuals in Code transactions for specified periods due to Code breaches.

Quantifiable outcome

• Shareholders in offeree companies afforded equivalent treatment by offeror
• +1 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered core.

• Financial Conduct Authority (FCA)coreOthersThe Panel works closely with the FCA in relation to insider dealing and market abuse. They have agreed operating guidelines for handling cases of market misconduct which are, or could be, of mutual interest to both the FCA and the Panel.
• Takeover Appeal BoardcoreOthersAny party to a hearing may appeal to the Takeover Appeal Board (www.thetakeoverappealboard.org.uk) against any ruling of the Hearings Committee or chair of the hearing. The Takeover Appeal Board provides independent appellate review of Panel decisions.
• Companies Act 2006 (Chapter 1 of Part 28)coreOthersThe Panel's statutory functions are set out under Chapter 1 of Part 28 of the Companies Act 2006, providing the legal basis for the Panel's regulatory authority over takeovers and mergers.

Scale indicators4 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Takeovers Panel (Australia): Australia's statutory takeover regulator with substantially identical functions to the Panel: issuing and administering a Takeovers Code, conducting hearings, and applying sanctions for breaches — the closest international functional peer.

Broad incumbents

• Securities and Futures Commission (Hong Kong): Hong Kong's integrated securities regulator, which administers the Takeovers and Mergers Code and the Share Repurchases Code through its Takeovers and Mergers Panel — a near-identical institutional structure to the Takeover Panel.
• BaFin: Germany's integrated financial regulator, which oversees takeover offers in Germany through theWpÜG (Takeover Act) and securities market conduct, a comparable national-level counterpart to the Panel.
• Monetary Authority of Singapore: Singapore's central bank and integrated financial regulator, which administers the Singapore Code on Take-overs and Mergers via its Securities Industry Council, structurally analogous to the Panel.
• Securities and Exchange Commission (SEC): The US federal securities regulator that administers tender offer and takeover disclosure rules under Regulation 14D/14E, performing a functional analogue of the Panel's role for US-listed companies.
• CONSOB: Italy's securities regulator, which administers takeover bid rules under the Testo Unico della Finanza, paralleling the Panel's role for Italian-listed companies.
• Financial Conduct Authority (FCA): The UK's principal financial regulator, which shares responsibility with the Takeover Panel for market integrity in takeovers and operates the agreed guidelines on insider dealing and market abuse referenced in the Panel's partnership documentation.
• European Securities and Markets Authority (ESMA): EU-wide securities regulator that coordinates takeover and prospectus supervision across member states, providing a supranational peer to the Panel's UK-focused jurisdiction.
• AMF (Autorité des Marchés Financiers): France's financial markets regulator, which administers the Règlement Général governing takeover bids and disclosure, serving as a direct national peer to the Panel in an adjacent major European market.

Others

• City of London Police – Insideline: UK law enforcement partner that works alongside the Panel on insider dealing and market abuse investigations, complementing the Panel's regulatory role with criminal enforcement capability.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/takeoverpanel

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about The Takeover Panel