Changes to takeovers and a more restrictive approach to foreign direct investment: What's the impact on UK businesses?

The National Security and Investment Bill explained

From the second half of 2021, there will be substantial changes to UK public company takeover practice and procedures. These will create a more uniform framework within the UK regime that is less EU-centric in its treatment of regulatory authorisations and clearances.

They will also create a more transparent timetable within which to manage takeovers and mergers than that currently set out in the UK Takeover Code.   The changes are designed to simplify the timetable and enable official authorisations and regulatory clearances to be managed within a more transparent timescale. However, although some of the proposed changes will make some corporate transactions easier, the uncertainties associated with the impact and the tactical deployment of some of the facets of the new regime could make the outcome of other transactions more difficult to predict....