The Takeovers Panel has released for public comment by 6 April a draft
Guidance Note and Issues Paper in relation to when the Panel may
consider unacceptable circumstances exist when there is insider
participation in control transactions.

The Panel considers that the issues of insider participation apply more
widely than simply to private equity bids, and to other
buy-outs, and therefore has formulated the draft Guidance Note in terms
of participation by insiders, regardless of the nature of the bidder.