Market Tracker weekly bulletin – 7th September 2018

Market Tracker weekly bulletin – 7th September 2018

A of key developments in corporate transactions covered by Lexis®PSL Market Tracker this week.

Transactions

Takeovers

Sky plc offer by Twenty-First Century Fox, Inc.

On 29 August 2018, the Takeover Appeal Board confirmed the ruling of the Hearings Committee, reiterating that Disney would be obliged under the chain principle to make an offer at the price of £14.00 per Sky share within 28 days of completing its acquisition of 21st Century Fox. However, Disney would not be obliged by the offer if by then Fox has acquired 100% of the shares in Sky or Comcast or any other third party has acquired more than 50% of such shares.
The decision underlines the fact that the Panel will consider each transaction individually when determining whether the chain principle applies and the price at which such an offer must be made.
For more detail on this development, see our analysis in Lexis®PSL Corporate Takeover Appeal Board examines chain principle on Sky offer (subscription required).

Equity Capital Markets

Aston Martin

Aston Martin, the car manufacturer, announced its intention to float on the London Stock Exchange later this year, making it the first UK carmaker to list in London since the 1980s.
The IPO, if it goes ahead, will be the biggest public share sale this year, with an estimated valuation of £1bn. Admission is expected on 17 September 2018.
Despite facing bankruptcy on seven separate occasions, the company’s intention to list is indicative of its recent success. Aston Martin launched three new sports cars this year and demand from the Asian markets has seen a notable rise in the company’s profits. In the last seven quarters, revenues climbed 8 per cent to £449.9m in the opening months of 2018, while pre-tax profits rose from £20.1m to £20.8m.
The company has released a registration document in line with the new listing rules issued by the FCA. This and related announcements can be found on

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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.