The Irish Takeovers Panel (“Panel”) has proposed its third set of changes to the takeovers rules in the past year. The changes being proposed on this occasion deal with a range of different matters and are intended to complement the changes proposed in the two prior consultation papers issued last year. The most significant change is the introduction of a requirement for a securities exchange offer to be made in certain circumstances. Currently, except in relation to mandatory offers, the takeovers rules do not require a bidder who has acquired securities of the target in exchange for securities, to make a securities offer. The Panel believes that this amendment is necessary to ensure that all holders of securities of a target of the same class are afforded equivalent treatment.