In our latest public M&A podcast, Mark Bardell and Antonia Kirkby discuss conditions to a takeover offer and in particular:
- what the UK Takeover Panel will allow bidders to include as a condition to an offer; and
- when it will allow a bidder to invoke a condition to an offer, in particular a “material adverse change” condition or MAC.
This is topical because of the recent ruling by the Panel that a bidder was not permitted to invoke a MAC condition to an offer – the bidder for Moss Bros wanted to terminate its bid because of the impact the Covid-19 pandemic but the Panel would not let it do so.
For our previous episodes on:
- formal sale processes, click here;
- standards of disclosure on public M&A, click here; and
- statements of intention, click here.