We have published an overview of recent developments in public M&A in the UK. It covers recent market activity and the latest developments of interest to public M&A practitioners, including the ruling by the Takeover Panel that a bidder could not invoke a condition to its offer for Moss Bros, and changes to the foreign … Read more
Further guidance for companies has been published in light of the Covid-19 pandemic. Company meetings Shareholder meetings – Relaxations to the company meeting requirements contained in the Companies Act 2006 (as well as the meeting requirements for certain other entities) came into force on 26 June 2020. Under the relaxations, which were made by the … Read more
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 … Read more
The UK government has announced two amendments to the UK merger control regime, which will enhance its powers to scrutinise certain foreign direct investment (FDI) into the UK, against the backdrop of the Covid-19 pandemic and wider national security concerns. These amendments come ahead of the National Security and Investment Bill, which is expected to … Read more
The European Commission has published for consultation a draft Delegated Regulation and Annex setting out the information that companies must disclose in an “exemption document” when relying on the exemption under the Prospectus Regulation from the requirement to publish a full prospectus when offering securities in connection with a takeover (PR Art 1(4)(g)). Under the … Read more
The Takeover Panel has refused to allow a bidder to invoke a condition to its takeover offer in light of the COVID-19 pandemic. Brigadier Acquisition Company Limited (the bidder) announced its firm intention to make an offer for Moss Bros Group plc (the target) on 12 March 2020. On 22 April 2020, citing the impact … Read more
Given the current restrictions on interaction which have been imposed by the UK Government and with a large number of people working from home, it is not always possible to adopt the usual methods for signing and completing deals. We have summarised some practical points to ensure compliance with the necessary legal formalities whilst these … Read more
Gavin Davies has published a video for Practical Law in which he outlines how the COVID-19 pandemic is affecting new M&A activity in the UK and Europe, including its impact on levels of M&A activity, the practical challenges of conducting M&A while the pandemic continues, how deal processes are adapting, and the response of (and … Read more
Caroline Rae has published a video for Practical Law in which she considers the impact of the COVID-19 pandemic on in-flight M&A transactions that had exchanged but not completed before the pandemic took hold in the UK and Europe. The video covers: impact on private M&A transactions; buyers’ rights to terminate; impact on public M&A … Read more
