In this episode of our public M&A podcast series, we discuss the Takeover Panel’s recent consultation paper (PCP 2022/2) on the definition of ‘acting in concert’, in particular the Panel’s proposed approach to:

• groups of companies;
• investment trusts; and
• other investment entities.

It is important for affected entities to understand the impact of the proposed rule changes, even if they do not intend to undertake any public M&A.