The Takeovers Panel has updated its Guidance Note on Control and Association.

The Takeovers Code contains two key anti-avoidance mechanisms to prevent its application being circumvented by transaction structuring techniques: the first is the concept of "control" of voting rights; the second is the concept of "association".

The guidance note looks at the two mechanisms and how they have been interpreted, with examples of cases which the Panel has examined in relation to application of the anti-avoidance rules.