News & Analysis as of

United Kingdom Publicly-Traded Companies Takeover Bids

Herbert Smith Freehills Kramer

UK Public M&A Monthly Activity Update: August 2025

In August 2025, there were three Rule 2.7 announcements made across the UK public M&A market and one further possible offer announced....more

White & Case LLP

Five things you need to know about the latest Panel consultation

White & Case LLP on

On 24 April 2024, the Takeover Panel published a consultation paper, PCP 2024/1, which proposes to narrow the scope of the companies to which the Takeover Code (Code) applies. The changes would have the effect of removing UK...more

Latham & Watkins LLP

Recent Developments for UK PLCs - November Edition

Latham & Watkins LLP on

On 16 October 2023, Nikhil Rathi, Chief Executive of the FCA, delivered a speech at the City Dinner at Mansion House which describes the FCA’s work in supporting international competitiveness and growth. Amongst other things,...more

Akin Gump Strauss Hauer & Feld LLP

Amendments to Concert Party Presumptions in the Takeover Code

The UK Takeover Panel (the “Panel”) has introduced amendments to the definition of “acting in concert” under the Takeover Code (the “Code”) and, in particular, the circumstances in which the Panel will presume parties to be...more

White & Case LLP

5 things you need to know about … public to private bids

White & Case LLP on

PE dominance - Private equity and family offices are exerting increasing influence over public takeovers in the UK, with public to private transactions ("P2Ps") making up more than 2/3 of all bids in H1 2021 and...more

Hogan Lovells

Takeover Panel response statement (2020/1): conditions to offers and the offer timetable

Hogan Lovells on

The Takeover Panel has just published its response statement (2020/1) making important changes to the Takeover Code regarding offer conditionality and timetable. They take effect on 5 July 2021 and will apply in relation to...more

McDermott Will & Schulte

UK Public Takeovers: The Point of No Return

The challenges raised by the Coronavirus (COVID-19) crisis initially led to a dramatic fall in share prices and market uncertainty. Although the capital markets have largely recovered their value since the initial COVID-19...more

Skadden, Arps, Slate, Meagher & Flom LLP

Moss Bros: The Difficulty of Invoking MAC Conditions in UK Public Takeovers

The Takeover Panel (the Panel) has confirmed again in the Moss Bros case how difficult it is for bidders to invoke material adverse change conditions (MACs) and lapse offers in the UK. On 12 March 2020, Brigadier Acquisition...more

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