Trends in UK public M&A—post-Brexit update

Trends in UK public M&A—post-Brexit update

LexisNexis Market Tracker has conducted research to examine the current post-Brexit market trends in respect of UK public M&A for the period between 1 September 2016 to 31 October 2016.

Background and approach

LexisNexis Market Tracker has conducted research to examine the current post-Brexit market trends in respect of UK public M&A.

This is an update to our latest post-Brexit UK public M&A update which reviewed trends in UK public M&A during 1 July 2016 to 31 August 2016. To read this update, click here.

For the purposes of this update we analysed firm and possible announcements made for companies subject to the Takeover Code (Code) between 1 September 2016 to 31 October 2016 (the Review Period). During the Review Period, 15 deals were announced: 9 firm offers (6 for AIM companies and 3 for Main Market) and 6 which were at the possible offer stage at 31 October 2016 (3 for AIM and 3 for Main Market companies).

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

Possible offers

[table id=15 /]

A total of 6 targets had an offer period begin with a possible offer announcement (including 2 FSPs).

Of the 4 possible offers which began with a Rule 2.4 announcement:

  • one deal (25%) progressed to a firm offer during the Review Period within the initial 'put up or shut up' deadline (PUSU deadline); and
  • 3 deals (75%) terminated within their initial PUSU deadlines. Of these 3 deals, 2 were possible competing offers and involved bidders subject to a Rule 2.6(e) deadline of 7 November 2016 (53 days following the publication of HarbourVest's offer document)

The 2 FSPs remain ongoing as at 31 October 2016.

Firm offers

[table id=17 /]

Deal volume

The total number of firm offers announced during the Review Period was 9; the same volume of firm offers was recorded in the 2 month period directly following the Brexit vote (1 July 2016 to 31 August 2016). In contrast, there were only 20 firm offer announcements made

Subscription Form

Related Articles:
Latest Articles:

Already a subscriber? Login
RELX (UK) Limited, trading as LexisNexis, and our LexisNexis Legal & Professional group companies will contact you to confirm your email address. You can manage your communication preferences via our Preference Centre. You can learn more about how we handle your personal data and your rights by reviewing our  Privacy Policy.

Access this article and thousands of others like it free by subscribing to our blog.

Read full article

Already a subscriber? Login