The Takeover Panel, the body that oversees M&A in the UK, has welcomed the British government's proposals for implementing the European Directive on Takeover Bids, saying it is confident that the legislation will not compromise its independence and efficiency. While the directive requires the implementation of a statutory framework, the UK government insisted it is keen to preserve the panel's authority and independence.
Takeover Panel chairman Peter Scott said: ?The proposals are firmly based upon the independence of the panel and will enable us to maintain the constructive working relationship between the panel and its regulated community in the interests in the interests of shareholders and markets.
?We are confident that the way the panel works and its day-to-day relationship with its regulated community will be largely unaffected,? he added.
The European Directive on Takeover Bids came into force in May 2004 and must be implemented by EU member states by May 2006. It aims to set minimum standards across the EU for the regulation of takeover bids.