The following Corporate practice note provides comprehensive and up to date legal information covering:
Auction processes play an important role in particular industries, for example, in the private equity industry, in government privatisations, or in large value transactions. A share sale by way of auction is designed to elicit competitive bidding for the target company among interested parties at the highest price and on the best possible terms. For the seller, there is a high certainty that the sale will be completed to a preferred bidder (which is preferable from management's point of view).
Auctions can be run with many bidders, or they can be targeted with a select few bidders. This will generally depend on the market in which the target company operates and the nature of its business. A seller will generally take control of an auction process and will appoint various advisers to act on its behalf, for example, an investment bank, who will market the sale of the target company on behalf of the seller.
The advantages of an auction process for the seller are:
the seller can secure the highest possible price where there are a number of competing bidders
the seller can control the conditions of the sale: for example, in preparing the initial drafts of the transaction documents and in
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
This Practice Note provides an introduction to intercreditor agreements and their key provisions. This Practice Note:•explains the purpose of having an intercreditor agreement and when an intercreditor agreement would be used instead of a deed of priority or subordination deed•provides links to
This Practice Note provides guidance on the interpretation and application of the relevant provisions of the CPR. Depending on the court in which your matter is proceeding, you may also need to be mindful of additional provisions—see further below.You should also consider if the proceedings will be
Company directors are not, by virtue only of their office as director, automatically entitled under company law to remuneration for services as a director or to reimbursement of expenses incurred in rendering such services. Power to pay directors remuneration for their services will need to be
What is a third party debt order (TPDO)?Third party debt orders were previously known as 'garnishee' orders and operated under the regime provided for in CCR Ord 30 and RSC Ord 49 (now revoked). Although the rules in CPR 72 are new, many of the principles with which they are concerned are well
0330 161 1234
To view our latest legal guidance content,sign-in to Lexis®PSL or register for a free trial.