Insider participation in control transactions

The Takeovers Panel has released for public comment by 6 April a draft Guidance Note and Issues Paper in relation to when the Panel may consider unacceptable circumstances exist when there is insider participation in control transactions.

The Panel considers that the issues of insider participation apply more widely than simply to private equity bids, and to other buy-outs, and therefore has formulated the draft Guidance Note in terms of participation by insiders, regardless of the nature of the bidder.