Takeover Bids in the United Kingdom

The recently accelerating pace of corporate combinations has precipitated a transnational interest in takeover bids, known in Belgium and France as offres publiques d'achat (o.p.a.), and in the United States as “tender offers.“ These have been the subject of recent legislation in the United Statesa of stock exchange regulation in Franceb and of admonitory attention by the Banking Commission in Belgiumc Much greater regulative experience in this area exists in England, where takeover bids have been the subject of statutory control since 1929,d and have been subjected to a complex of public and private rule-making which intrigues observers from other lands. Professor Pennington of the University of Birmingham, author of a leading textbook on the law of English companiese has responded to an invitation to elucidate the various laws, Board of Trade regulations, and trade association rules which constitute the web of compulsory norms for takeover bids in England. The Editors

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