The Private Equity Reporting Group (PERG) has published its latest annual report on the private equity industry’s compliance with the Guidelines for Disclosure and Transparency in Private Equity (known as the Walker Guidelines). PERG has also published a 2023 guide to good practice reporting by portfolio companies. The aim of the Walker Guidelines, which were first published in 2007, is … Read more

Changes to the definition of acting in concert, and who is presumed to be acting in concert, under the UK Takeover Code are now in force. The changes (set out in RS 2022/2) centre on the Panel’s approach to groups of companies and investment entities. Whilst many of the changes codify the Panel’s existing practice, there … Read more

The British Private Equity & Venture Capital Association (BVCA) has published updated versions of its model documents for early stage investments. It says that its aim is to produce industry-standard legal documentation in the UK and it encourages all parties to adopt these documents as the starting point for their investments so that investors and companies … Read more

We have published our half-yearly update briefing which summarises the major developments in UK corporate law and regulation that have occurred over the last six months, that is from July to December 2022, and which are of relevance to UK listed companies. The briefing is available here. Read more

We have published our latest annual global M&A report titled ‘M&A in 2023: Headwinds, tailwinds and fog’. 2022 was a ‘tale of two halves’ for M&A activity. While global M&A saw record levels of dealmaking in the first half of the year, the second half experienced a considerable slowdown as the market was impacted by the … Read more

The Takeover Panel has published the final changes to the definition of “acting in concert” and the circumstances in which the Panel will presume parties to be acting in concert with each other (RS 2022/2). The main focus of the changes is the Panel’s approach to groups of companies and investment entities. The changes will … Read more

The Financial Conduct Authority (FCA) has published market guidance for issuers, on a range of topics, in Primary Market Bulletin 42 and for firms, on insider lists, in Market Watch 71. Primary Market Bulletin No. 42 Topics covered in Primary Market Bulletin 42 include: Unlawful disclosure of inside information – The FCA describes the situations and types of behaviour that crop up repeatedly in enquiries … Read more

In November 2022, Herbert Smith Freehills organised its first hybrid regional conference themed – New Priorities, New Prospects and the Changing Dimensions of APAC M&A. Asia corporate partners, guest speakers and clients reflected on mergers and acquisitions activity in the current economic environment and discuss what’s more to come in our Asia M&A Conference.  Over 200 … Read more