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Market Tracker’s latest trend report, Trends in UK public M& A deals in H1 2015, provides in-depth analysis of the 46 firm and possible offer announcements made for companies subject to the Takeover Code in H1 2015. It includes insight into public M&A trends and what we might expect to see in the second half of 2015. Topics covered include transaction structure, forms of consideration, foreign bidder activity, formal sale processes and offer-related arrangements.
The UK public M&A market continues to recover and this positive momentum is expected to carry on in H2 2015. While deal flow increased modestly in H1 2015 compared with the same period in 2014, aggregate deal values were 587% greater than in H1 2014.
Following the prohibition on the use of schemes of arrangement to effect takeovers (which came into force on 4 March 2015), 15 firm offers were announced, of which ten were structured as transfer schemes of arrangement and five as contractual offers, indicating that, as expected, despite the prohibition on cancellation schemes, schemes continue to remain bidders' preferred choice of deal structure.
The technology, media and telecommunications sector has remained buoyant in terms of deal activity and there are indicators of recovery in private equity backed bidder activity. Non-UK bidders continued to dominate the public M&A market in H1 2015, with US bidders leading the way despite the curtailing last year by the US administration of the benefits of tax inversions.
The report contains commentary from Selina Sagayam, International Corporate Finance Partner at Gibson Dunn & Crutcher and Rebecca Gordon, Partner at Dentons.
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