Question to the Department for Business and Trade:

To ask His Majesty's Government, further to the Written Answer by Baroness Jones of Whitchurch on 2 December (HL2621), what assessment they have made of the effect of directors of public companies failing to notify the market of a takeover approach by a serious bidder at a premium above the prevailing price on the position of selling shareholders, and of the implications for the transparency of public companies.

The Takeover Code, which has a statutory basis under the Companies Act 2006, sets out a clear and orderly framework for takeovers, including measures to ensure fairness to shareholders. The Code is issued and administered by the independent Panel on Takeovers and Mergers. The Panel has enforcement powers for breaches of the Code. Changes to the Code itself are a matter for the Panel.