Panel on Takeovers and Mergers
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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.
The Panel is a statutory body. It has no legal power to enforce its decisions.[clarification needed] 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.
Whenever a transaction is made on the LSE or other London-based exchange that is greater than £10,000, the details of the transaction are passed on to the panel for their evaluation, and a levy is charged of (currently) £1.00 on the transaction, which goes to the panel as payment (known as the "PTM levy").
It was decided in R v Panel on Take-overs and Mergers, ex p Datafin plc, that decisions of this panel are subject to judicial review, even though it is only a private body. This was due to its "enormous power" and "giant's strength". As The Panel is now a statutory footing, its decisions can now be reviewed even without referring to this case.
The Panel's equivalent in Ireland is the Irish Takeover Panel, the statutory body responsible for monitoring and supervising takeovers and other relevant transactions in relevant companies in Ireland.
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