In this episode of our public M&A podcast series, we talk about the UK Takeover Panel's latest consultation (PCP 2026/1) on a series of miscellaneous changes to the Takeover Code. Proposals being consulted on include: • when a voting agreement between a shareholder and the directors of a company will result in them being treated as acting in concert; • a change to the definition of "reverse takeover"; and • a change to the rules on extending a put up or shut up (PUSU) deadline.

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