On 24 April 2024, the UK Takeover Panel (Panel) published consultation paper PCP 2024/1: Companies to which the Takeover Code applies which proposes a refocusing and significant narrowing of the types of companies subject to the UK Takeover Code (Code). The consultation closes on 31 July and the Panel has indicated that it intends to publish a response statement and final rule changes in Autumn 2024 with the changes being implemented approximately one month thereafter. In our latest briefing, we outline the proposed changes and discuss our views.