Rely on the most comprehensive, up-to-date legal content designed and curated by lawyers for lawyers
Work faster and smarter to improve your drafting productivity without increasing risk
Accelerate the creation and use of high quality and trusted legal documents and forms
Streamline how you manage your legal business with proven tools and processes
Manage risk and compliance in your organisation to reduce your risk profile
Stay up to date and informed with insights from our trusted experts, news and information sources
Access the best content in the industry, effortlessly — confident that your news is trustworthy and up to date.
With over 30 practice areas, we have all bases covered. Find out how we can help
Our trusted tax intelligence solutions, highly-regarded exam training and education materials help guide and tutor Tax professionals
Regulatory, business information and analytics solutions that help professionals make better decisions
A leading provider of software platforms for professional services firms
In-depth analysis, commentary and practical information to help you protect your business
LexisNexis Blogs shed light on topics affecting the legal profession and the issues you're facing
Legal professionals trust us to help navigate change. Find out how we help ensure they exceed expectations
Lex Chat is a LexisNexis current affairs podcast sharing insights on topics for the legal profession
Discuss the latest legal developments, ask questions, and share best practice with other LexisPSL subscribers
A round up of key developments in corporate transactions covered by Lexis®PSL Market tracker this week.
The Takeover Panel (Panel) have intervened and established a rare auction procedure pursuant to Rule 32.5 of the Takeover Code, to provide an orderly framework for the resolution of the competitive bids for Sky by Twenty-First Century Fox Inc. (Fox) and Comcast Corporation (Comcast). The Sky takeover battle has run over nearly two years and the sealed auction bid will end the bidding war.
The auction is expected to commence on 21 September 2018 and end during the evening of 22 September 2018. The auction process consists of three rounds of bids; the lowest bidder, Fox, will make the first bid in the first round which will then be followed by the competing bidder, Comcast. For more detail on the auction procedure, see our news analysis in Lexis®PSL Corporate: Takeover Panel establishes auction procedure for competitive bids for Sky plc (subscription required).
The rare auction procedure is most likely to be implemented where a competitive situation continues to exist in the later stages of an offer period. Sky plc shareholders have reluctantly accepted the bids made by Fox and Comcast. Both competing bidders extended their offer periods after receiving low acceptances from Sky shareholders, Fox received acceptances of approximately 0.7% and Comcast received acceptances of approximately 0.29%.
The last time the Panel intervened was over 10 years ago, where Tata Group outbid Companhia Siderurgica Nacional to acquire British company Corus Group plc for £6.7 billion to create the world’s fifth largest steelmaker.
On Thursday 20th September, Aston Martin announced a price range of between £17.50 and £22.50 per share for its upcoming IPO, which would give the company a market capitalisation of between £4 billion and £5.07 billion upon listing. If the top end of
Access this article and thousands of others like it free by subscribing to our blog.
Read full article
Already a subscriber? Login
0330 161 1234