Bidder statements of intention and related matters
The Panel consulted on these changes in PCP 2017/2 in September 2017 and the new rules are contained in RS 2017/2. In the main, the Panel has adopted the amendments as proposed in the consultation, with some modification to the detail. In summary, these are as follows:
- In addition to stating their intentions about the business, employees, places of business and pension schemes of the target company, bidders must also make specific statements of their intentions for any research and development functions of the target, the location of its headquarters and headquarters functions and any material change in the balance of the skills and functions of the target's employees and management.