Takeover Code—Rule 34—Right of withdrawal

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Published by a LexisNexis Corporate expert
Practice notes

Takeover Code—Rule 34—Right of withdrawal

Copyright © 2025 LexisNexis

Published by a LexisNexis Corporate expert

Practice notes
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This Resource Note outlines the main provisions of Rule 34 of The City Code on Takeovers and Mergers (Code), which deals with shareholder withdrawal rights on takeover transactions. It highlights relevant materials, commentary and guidance from the Panel, as well as Lexis+® UK analysis and resources, to give practical guidance on the interpretation and application of Rule 34. Materials covered in this Resource Note include:

  1. •

    Practice Statements issued by the Panel Executive (the body that carries out the day-to-day work of takeover supervision and regulation) (Executive) to provide informal guidance as to how the Executive normally interprets and applies the Code

  2. •

    Panel Statements published by the Panel (P/S) and Panel Instruments

  3. •

    Public Consultation Papers (PCP) and Response Statements (RS) published by the Code Committee

  4. •

    Annual Reports published by the Panel containing discussion of general issues (Annual Reports)

  5. •

    relevant Lexis+® UK resources

Mini-index

Rule 34—Setting the scene

Rule 34.1—When the right of withdrawal may be exercised

Rule 34.2—Return of documents of title

Rule 34—Related Code Rules, Notes and Appendices

Statutory withdrawal rights

Rule

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Jurisdiction(s):
United Kingdom
Related legal acts:
Key definition:
Takeover definition
What does Takeover mean?

This refers to the acquisition of a public company.

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