Panel on Takeovers and Mergers

The Panel on Takeovers and Mergers (the Takeover Panel or PTM) is a regulatory body located in London, England. It was set up in 1968 and is charged with the administration of the City Code on Takeovers and Mergers. Its role is to ensure that all shareholders are treated equally during takeover bids. Its main functions are to issue and administer the City Code on Takeovers and Mergers (the "Code") and to supervise and regulate takeovers and other matters to which the Code applies. Its central objective is to ensure fair treatment for all shareholders in takeover bids.

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The Panel is a statutory body. It has no legal power to enforce its decisions. However, it has established a reputation for giving informed advice in an expert area of regulatory activity. It is the de facto arbiter of takeover bids and has the support of government and other organisations with statutory involvement.

The European Takeovers Directive mandates that the Panel is put on a statutory footing. This was completed in the Companies Act 2006.