UK public M&A Trend Report update (1 January-30 April 2017)

UK public M&A Trend Report update (1 January-30 April 2017)

Lexis®PSL Corporate and Market Tracker has conducted research to examine the current trends in UK public M&A for the period 1 January 2017 to 30 April 2017. 

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. Click here to download this report as a PDF.

This is an update to our latest Market Tracker Trend Report which reviewed trends in UK public M&A in 2016. To read this Trend Report, click here.

For the purposes of this update we analysed the period between 1 January 2017 to 30 April 2017 (the Review Period). Whilst comparisons have been made to H1 2016 definitive conclusions can only be made on the completion of first half of 2017. The forthcoming Market Tracker Trend Report covering trends in UK public M&A activity in the first half of 2017 will be published this Summer.

We reviewed a total of 29 transactions that were subject to the Takeover Code (the Code): 14 firm offers (9 for Main Market companies, 5 for AIM) and 15 which were at the possible offer stage at 30 April 2017 (5 for AIM and 10 for Main Market companies).

The percentages included in this update have been rounded up or down to whole numbers, as appropriate.

Possible offers (made under Rule 2.4)

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Formal sale process and strategic review

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A total of 15 targets had an offer period begin with a possible offer announcement (including 4 FSPs).

  • 10 possible offers began with a Rule 2.4 announcement, of these:
    • 2 (20%) progressed to a firm offer during the Review Period (both within their initial 'put up or shut up' deadlines (PUSU deadline) (possible offers for WS Atkins plc by SNC-Lavalin Group Inc. and Exova Group plc by Element Materials Technology

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