Furthermore, it announced today that it would require potential buyers to disclose information on financing and to clarify their position within a short period of time.
The Panel has called for additional disclosure about the fees of advisors such as investment bankers, accountants, lawyers and public-relations consultants in mergers and acquisitions and it also proposed strengthening the position of companies targeted for acquisition.
The body initiated a review of takeover law in the UK earlier this year after criticism of Kraft Foods purchase of the Dairy Milk maker, Cadbury.
Kraft reversed a pledge to keep open a Cadbury plant in Somerdale, England, when it decided to move the factory to Poland, according to the Takeover Panel.
The review can be read here.