In this episode of our public M&A podcast series, we look at Practice Statement 31, which was updated by the Takeover Panel earlier this year.

Practice Statement 31 describes the Takeover Panel's approach to formal sale processes, strategic reviews and private sale processes.

In the podcast, we discuss:

• formal sale processes under the Takeover Code and the dispensations available on those;

• what a private sale process (PSP) is; and

• what dispensations the Panel may grant on a PSP and the advantages of obtaining the dispensations.