Draft Companies (Mergers and Divisions of Public Companies) (Amendment) Regulations 2008 have been published on the BERR website

These regulations will implement Directive 2007/63/EC which removes the obligation for an independent expert’s report to be compiled on the terms of a merger or division of a public limited liability company if all shareholders agree.

The draft regulations also include provisions to bring the prohibition on companies holding their own shares in the case of Mergers (Article 19(2) of Directive 78/855/EEC) and Divisions (Article 17(2) of Directive 82/891/EEC (Divisions) in line with Cross Border Merger Regulations.

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