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Potentially, a takeover bid for a company in which you have a shareholding is the most significant corporate action of all. It can also be one of the most complicated and drawn out of corporate events, especially in instances where the bid is unwelcome to the directors of the prey or where a takeover battle develops with two (or more) predators fighting over the target company.

In the UK the regulating body is the Panel on Takeovers and Mergers, normally referred to as “The Takeover Panel”, and takeovers have to abide by “The City Code on Takeovers and Mergers” (The Code).