Public M&A Q3 2019 trend report

Public M&A Q3 2019 trend report

Lexis®PSL Corporate and Market Tracker has conducted research to examine the current trends in UK public M&A for the period 1 July 2019 to 30 September 2019.

Background and approach

Lexis®PSL Corporate and Market Tracker has conducted research to examine the current trends in respect of UK public M&A. 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. This is an update to our Market Tracker trend report—trends in UK public M&A deals in H1 2019 in which we examined firm and possible offers announced in the first half of 2019.

For the purposes of this update we analysed the period between 1 July 2019 to 30 September 2019 (Q3 2019). While comparisons have been made to the corresponding period in 2018 (1 July 2018 to 30 September 2018) and with the preceding quarter (1 April 2019 to 30 June 2019), definitive conclusions can only be made on the completion of the full year trend report of 2019.

We reviewed a total of 27 transactions that were subject to the Takeover Code (Code): 16 firm offers (8 for Main Market companies and 8 for AIM companies) and 11 possible offers, made up of 8 possible offers (4 for Main Market companies and 4 for AIM companies) and three formal sale processes (FSP) (for 3 AIM companies).

The percentages included in this report have been rounded up or down to whole numbers, as appropriate. Accordingly, the percentages may not in aggregate add up to 100%.

The final date for inclusion of developments in this report is 30 September 2019. Reference has been made to developments after this date if considered noteworthy.

Deal highlights

  • deal volume remains high: 16 firm offers in Q3 2019 compared with 14 firm offers in Q3 2018 and 19 firm offers in Q2 2019
  • increase in aggregate deal value: £15.2bn in Q3 2019

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About the author:

Market Tracker is a unique service for corporate lawyers housed within Lexis®PSL Corporate. It features a powerful transaction data analysis tool for accessing, analysing and comparing the specific features of corporate transactions, with a comprehensive and searchable library of deal documentation across 14 different deal types. The Market Tracker product also includes news and analysis of key corporate deals and activity and in-depth analysis of recent trends in corporate transactions.