In the post-financial crisis world, public M&A transactions are becoming increasingly complex and harder to execute. Regulators, shareholders and other key stakeholders are also taking a keener interest in the way in which takeovers and mergers are conducted.
Ashurst’s Guide to Takeovers is therefore an invaluable resource for companies and their advisers who are involved in these sorts of transactions, explaining not only the broad principles of takeover regulation in the UK but also the nuances of the Takeover Code and of relevant law and regulation.
2015 saw a year-on-year increase in UK bid activity levels and Ashurst was involved in a large number of complex cross border public M&A mandates including acting for Xchanging in connection with the takeover offers by Capita and Apollo Global Management and ultimately its successful £480m takeover by Computer Sciences Corporation, Gala Coral on its £2.3bn combination with Ladbrokes and Domino Printing Services on its £1.03bn acquisition by Brother Industries. Ashurst has also represented a number of clients (Xchanging and Gala) in connection with appeals to the Hearing Committee of the Takeover Panel and, in the case of Xchanging, the Takeover Appeal Board.
This Guide covers the following topics:
- the regulatory framework governing takeovers of UK public companies;
- issues arising in the preliminary stages of a bid (including the different structures that can be used to implement a takeover);
- merger control and other regulatory issues;
- stakebuilding and irrevocable commitments;
- communications with shareholders and others;
- issues arising on a hostile bid; and
- completing a bid, delisting and squeeze-out.
To receive a full copy of the guide, please click here.
