Ashurst has published its review of the UK Public M&A market for Q1 2017.
Overview
Nine firm offers were announced in Q1 2017 (compared to 11 in Q1 2016 and 19 in Q4 2016) with a combined offer value of £10.75bn (a significant decrease compared to £23bn in Q1 2016 and nearly £15bn in Q4 2016). Six of these offers were in cash including one with a stub equity alternative, one cash and shares with a mix and match facility (Tesco/Booker) and two all-share mergers.
In the last quarter, Ashurst mandates have included advising (i) J.P. Morgan Cazenove and Credit Suisse as financial advisers and corporate brokers to John Wood Group on its £2.225bn recommended takeover of Amec Wheeler Foster and (ii) Credit Suisse as financial adviser to Betsson on its recommended bid for NetPlay TV.
During Q1, the High Court ruled on share splitting in the Re Dee Valley Group plc case. We also encountered a tale of two concert party investigations with the Takeover Panel (the Panel) imposing a cold-shouldering order on Mr Bob Morton and Mr John Garner and the Panel and the Takeover Appeal Board imposing a Rule 9 mandatory bid obligation on Mr David King with respect to an acquisition of shares in Rangers International Football Club. Further details of these developments are set out in the News Digest on pages 3 to 11 of this publication.
