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NEWS
Law360, London Cordiant said 1 September 2025 that its telecommunications subsidiary Speed Fibre Group has completed its acquisition of BT Communications Ireland Ltd in a deal worth approximately €22m, which the digital infrastructure investor expects will broaden its services.
NEWS
MLex: A media report that a data broker is selling location information from users' smartphones in Ireland has the Irish Data Protection Commission "extremely concerned," it said on Thursday, adding it was trying to identify the broker and would take action if they are in Ireland or coordinate with privacy enforcers in another EU country if necessary. Irish national broadcaster RTÉ reported that the data being sold is precise enough to identify individuals' homes, workplaces and the location of personal activities.
PRACTICE NOTES
CASE HUB ARCHIVED–this archived case hub reflects the position at the date of the decision of 16 June 2016; it is no longer maintained. See further, timeline and commentary. Case facts Outline UK merger investigation into the anticipated acquisition by Iron Mountain Incorporated of Recall Holdings Limited. The transaction involves horizontal overlaps in markets for the provision of records and information management services. Latest developments On 16 June 2016, the CMA published its final report and cleared the transaction subject to remedies, after concluding that the transaction could lead to a SLC in relation to the supply of both RMS and OSDP services in each of the Aberdeen and Dundee areas and also the supply of RIMS to the oil and gas sector in Aberdeen. Under the remedy ordered by the CMA, Iron Mountain must divest Recall's existing operations in Aberdeen and Dundee, known as C21 Data Services. The buyer of the divested operations must be approved by the CMA and also demonstrate that it has the ability to compete with Iron Mountain. Parties Iron
GLOSSARY
This is the process by which an item is exposed to radiation.
NEWS
Arbitration analysis: The English Court of Appeal (‘the court’) decided that the judge had been correct to refuse recognition of a Spanish judgment against The London Steam-Ship Owners Mutual Insurance Association Ltd (‘the Club’) under the Brussels I Regulation, where an arbitrator had previously determined that the claimants were obliged to arbitrate any claims against the Club and that the Club was not liable to the claimants. The court further held that the State Immunity Act 1978 prevents arbitrators from granting injunctions against States (absent state consent) and that equitable compensation for breach of the equitable obligation to arbitrate was not available to the club. Written by Jennifer Haywood, barrister, arbitrator and mediator at Serle Court.
GLOSSARY
The situation that exists when either or both spouses or civil partners are no longer able or willing to live with each other thereby dissolving their relationship as spouses or civil partners with no hope of a resumption of the duties inherent in that relationship. This is the single ground for divorce or dissolution, where the court is also satisfied that one of the five facts set out in section 1(2) of the Matrimonial Causes Act 1973 is proved (or the civil partnership equivalent).
GLOSSARY
A commitment or letter of intent to accept or not to accept (or to procure that any other person accepts or does not accept) an offer, or to vote (or to procure that any other person votes) in favour of or against a resolution of an offeror or the offeree (or of its shareholders) in the context of an offer, including a resolution to approve or to give effect to a scheme of arrangement. Irrevocable undertakings to accept an offer (frequently referred to as 'irrevocables') are normally sought by an offeror from significant offeree shareholders immediately prior to the proposed offer announcement so as to secure as much comfort as possible that the bid will be successful, particularly since the introduction of the general ban on inducement and break fees from September 2011. They enable the offeror to show it has substantial support for its offer as soon as it is announced and may also assist the offeror in obtaining the recommendation of the offeree board. Practice Statement 22—Irrevocable commitments, concert parties and related matters describes how the Executive normally interprets and applies certain provisions of the Code to irrevocable commitments which include voting undertakings and Practice Statement 29: Rule 21.2—Offer-related arrangements describes how the Executive normally interprets and applies Rule 21.2 in relation to irrevocable commitments given by offeree director shareholders.
PRACTICE NOTES
This Practice Note examines the law and practice on giving irrevocable commitments or undertakings or letters of intent in the context of a public company takeover (whether by way of contractual offer or scheme of arrangement) as governed by the City Code on Takeovers and Mergers (Code). It covers the differences between irrevocables and letters of intent and the main advantages of deploying one form over the other. Irrevocable undertakings to accept an offer are normally sought by an offeror from significant offeree shareholders immediately before the announcement of a firm intention to make an offer (Rule 2.7 announcement), so as to secure as much comfort as possible that the offer will be successful. They enable the offeror to show it has substantial support for its offer as soon as it is announced and may also assist the offeror in obtaining the recommendation of the offeree board. Letters of intent are usually obtained as an alternative to irrevocable undertakings. Institutional shareholders, in particular, may be unwilling to contractually commit to one offeror, either as
GLOSSARY
A licence which cannot be revoked or cancelled—for example, a licence to use design documents over which the licensor has intellectual property rights.
GLOSSARY
In the context of an equity fundraising, a binding agreement given by a shareholder to vote in favour of a transaction and/or to subscribe for a certain number of shares under a share offer (such as a rights issue or open offer) and to not withdraw such acceptance.
PRECEDENTS
The Directors [Insert offeror's name] ([Offeror]) [Insert address] [and] [The Directors] [[Insert name of offeror’s financial adviser] (the Adviser) [Insert address]] [Insert date] Dear Directors Proposed acquisition of [name of offeree] ([Offeree]) [I OR We] understand that [Offeror] proposes to acquire (the Acquisition) [all] the issued [and to be issued ordinary] shares of [insert nominal value] each in [Offeree] (the Shares) for the consideration, and otherwise substantially on the terms and subject to the conditions, set out in the draft press announcement attached to this letter (the Announcement), subject to such amendments or additions to such terms and conditions as may be required by the City Code on Takeovers and Mergers (the Code), the Panel on Takeovers and Mergers (the Panel), the High Court of Justice in England and Wales (the Court) or any applicable law or regulation. [I OR We] also understand that the Acquisition is expected to be implemented by way of a scheme of arrangement under Part 26 of the Companies Act 2006 (the Act). In this letter, the Scheme means the proposed scheme of
PRECEDENTS
The Directors [Insert offeror's name] ([Offeror]) [Insert address] [and] [The Directors] [[Insert name of financial adviser] (the Adviser) [Insert address]] [insert date] Dear Directors Proposed offer for [name of offeree] ([Offeree]) [I OR We] understand that [Offeror] proposes to make an offer for [all] the issued [and to be issued ordinary] shares of [insert nominal value] each in [Offeree] (the Shares) [other than those already owned by [Offeror]] for the consideration, and otherwise substantially on the terms and subject to the conditions, set out in the draft press announcement attached to this letter (the Announcement), subject to such amendments or additions to such terms and conditions as may be required by the City Code on Takeovers and Mergers (the Code), the Panel on Takeovers and Mergers (the Panel) or any applicable law or regulation. The full terms of the Offer will be set out in a formal offer document (the Offer Document) addressed to the shareholders of [Offeree]. In this letter, the Offer means the proposed offer by [Offeror] to acquire Shares as described above and includes any new, revised, improved or increased offer by [Offeror] (or