Market Tracker weekly bulletin – 25th October 2018

Market Tracker weekly bulletin – 25th October 2018

A round up of key developments in corporate transactions covered by Lexis®PSL Corporate and Market Tracker this week, including key findings from our recent UK Public M&A Q3 review, IPO updates on Smithson Investment Trust LLP and Blue Ocean Maritime Income plc, and coverage of Softcat’s special dividend together with an analysis of special vs final dividends in our ‘In focus’ section.

Transactions

Takeovers

UK Public M&A Q3 update

Lexis®PSL Corporate and Market Tracker has conducted research to examine the current trends in respect of UK public M&A for the period between 1 July 2018 to 30 September 2018 (Q3 2018).

The report reviewed a total of 24 transactions that were subject to the Takeover Code (Code): 13 firm offers and 11 possible offers. Key findings include:

  • schemes of arrangement remain the preferred choice of structure with 9 out of 13 (69%) firm offers announced in Q3 2018 structured as schemes and 4 out of 13 (31%) structured as contractual offers
  • despite deal volume being higher in Q3 2018 compared with Q3 2017 (13 firm offers compared with 11 firm offers in Q3 2017), the aggregate deal value was lower
  • the average deal value for Q3 2018 was £673.1 million, which represents a 45% decrease on the average deal value recorded in Q3 2017 (£1.2 billion)
  • Q3 2018 continued the trend seen in 2017 where deal activity was spread across a variety of industries
  • all the firm offers had a cash element, either solely or in combination with another form of consideration, accounting in total for 100% of firm offers announced in Q3 2018 and being the exclusive form of consideration in 84% of deals, and
  • Q3 2018 saw a variety of funding structures with debt finance being the preferred form of finance structure

Data for this report has been sourced from the Market Tracker transaction data analysis tool which allows users to access, analyse and compare the specific features of numerous corporate transactions. To read the

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About the author:
Jenisa is Head of Market Tracker, a transaction analysis product that sits within Lexis®PSL Corporate. She has over 13 years of legal publishing experience, with a focus on researching and reporting on trends and developments in the corporate and commercial legal market. Previous roles include content developer for Lexis®PSL, Legal Podcaster at Informa, and Research Editor at Practical Law Company where she specialised in reporting on cross-border corporate and commercial developments from the firm’s New York office.