Panel Bulletin on irrevocable undertakings and letters of intent

The Takeover Panel has published a third Panel Bulletin, which focuses on irrevocable undertakings and letters of intent and the requirements if a shareholder cannot, or no longer intends to, comply with one it has given. The Panel Bulletins are a new form of guidance to remind people how specific provisions of the Takeover Code … Read more

National Security and Investment Act guidance and our webinar on the regime

The Department for Business, Energy & Industrial Strategy (BEIS) has published the final version of its Statement on when it will exercise its call-in powers under the National Security and Investment Act 2021 (NSI Act). We discussed the guidance, and the impact of the regime on transactions generally, in a webinar with the Investment Security Unit (ISU) … Read more

Public M&A – new Takeover Panel Bulletins

The Takeover Panel has published two “Panel Bulletins” – a new form of guidance which the Panel will use to remind people how specific provisions of the Code operate. They do not entail any changes to the interpretation or application of the Code. The first two Panel bulletins are on: Requirements in relation to meetings … Read more

Public M&A – our podcast on an active summer of public M&A

In the latest episode in our public M&A podcast series, we look back at one of the most active summers in the public M&A markets in some time. In particular we discuss the high profile competitive situations, and the auction processes that they have led to, and some of the hostile activity we have seen. … Read more

Pensions – new offences and sanctions for companies with defined benefit schemes

The Pension Schemes Act 2021, which comes into force on 1 October 2021, will introduce new criminal offences and financial penalties, and two new contribution notice triggers, where a company or group has a defined benefit occupational pension scheme (DB scheme). The government is also consulting on extending the pensions notification requirements. Criminal offences and sanctions The new … Read more

M&A – National Security and Investment Act in force from 4 January 2022

The Government has announced that the new National Security and Investment Act 2021 will come fully into force on 4 January 2022. This means that mandatory notification requirements will apply to relevant transactions completing on or after that date, and other transactions (including those which have already completed since 12 November 2020) may be the subject of … Read more

Half yearly corporate update – our latest briefing

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 January to June 2021, and which are of relevance to UK listed companies. The briefing is available here. Read more