10 firm offers (in respect of 9 target companies) were announced in Q2 2016 (compared to 11 in Q1 2016) with a combined offer value of just £1.6bn (compared to £23bn in Q1 2016) so whilst deal volume has remained relatively stable in the second quarter, deal value has plummeted.
Public M&A activity in the UK has slowed for a number of reasons not least the uncertainty surrounding the recent referendum on Brexit. It remains to be seen whether the seismic shift in the forex markets following the Brexit vote will leave UK companies more vulnerable to opportunistic takeover approaches in the coming months.
In the last quarter, Ashurst advised Dar Al-Handasah Consultants Shair and Partners Holdings on its competing bid for Sweett Group and UBS Switzerland AG on the UK aspects relating to the financing of Dätwyler Holding’s offer for Premier Farnell.
As well as the above, this update includes a summary of:
- Takeover Appeal Board Statement 2016/3 – Ladbrokes plc – Reasons for dismissing the appeal by Mr Desmond; and
- Market Abuse Regulation – key issues on a takeover.
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