LR/AIM Rules transactions–1 January to 30 April 2017

LR/AIM Rules transactions–1 January to 30 April 2017

Lexis®PSL Corporate and Market Tracker has conducted research examining LR/AIM Rules transactions for the period 1 January 2017 to 30 April 2017.

Background and approach

Lexis®PSL Corporate and Market Tracker has conducted research to examine LR/AIM Rules transactions for the period 1 January to 30 April 2017 (the Review Period).

The scope of the data analysed includes all Class 1 transactions on the Main Market of the LSE, all related party transactions on the Main Market with a deal value of £100 million and above, and all substantial transactions and related party transactions on AIM with a deal value of £10 million and above.

We reviewed a total of 32 transactions that were subject to either the UKLA Listing Rules or the AIM Rules (collectively, the Rules). Of these there were 8 Class 1 transactions and 24 related party transactions (7 for Main Market companies, 17 for AIM companies). Below is a summary and analysis of the 32 transactions.

Class 1 Transactions

Company names Transaction value (overall) Use of proceeds Nature of transaction Key Terms of transaction Advisers
British American Tobacco plc (BAT) acquires Reynolds American Inc (Reynolds) £40.95 billion ($49.4 billion) To expand and create a unified global business for tobacco and Next Generation Products.to have significant presence in high growth emerging markets and direct access to US markets. Acquisition (see below) Transaction will be effected by US statutory merger - non-BAT shareholders' will receive £23.92 ($29.44) per share and 0.5260 BAT ordinary shares which shall be represented by BAT American Depository Receipts listed on the New York Stock Exchange (ADRs) BAT intends to register BAT ADRs under US securities laws. BAT advisors: Centerview Partners UK LLP, Deutsche Bank AG and UBS Limited.
Tesco plc (Tesco) acquires

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