ARCHIVED: This content was published in 2021 and is not maintained. The Market Standards trend report provides in-depth analysis of the 22 firm offers, 24 possible offers and two formal sale processes and/or strategic reviews, which were announced by Main Market and AIM companies subject to the Takeover Code (Code) in H1 2021. It includes insight into public M&A trends and what we and our contributors expect to see in H2 2021 and beyond. What does the Market Standards trend report cover? Topics covered include: • outlook for H2 2021 • deal value and volume • deal structure • hostile, competing and mandatory offers • P2P transactions • UK and international bidder activity • industry focus • post-offer statements of intention (POI statements) and coronavirus (COVID-19) • shareholder engagement on takeovers • legal and regulatory developments The report includes analysis of high profile transactions, including the £3.5bn offer for Signature Aviation by a consortium comprising Blackstone, Global Infrastructure Partners and Bill Gates’s, Cascade Investments, and shareholder engagement on the Morrisons, St Modwen Properties

ARCHIVED: This Practice Note has been archived and is not maintained. The Market Standards trend report provides in-depth analysis of the 27 firm offers, 31 possible offers and ten formal sale processes and/or strategic reviews, which were announced in respect of Main Market and AIM companies subject to the Takeover Code (Code) in H1 2022. It includes insight into public M&A trends and what we and our contributors expect to see in H2 2022 and beyond. What does the Market Standards trend report cover? Topics covered include: • outlook for 2022 • deal value and volume • deal structure • hostile, competing and mandatory offers • P2P transactions • UK and overseas bidder activity • industry • shareholder engagement • legal and regulatory developments The report includes analysis of high profile transactions, including the competing offers for M&C Saatchi by AdvancedAdvT and Next Fifteen Communications Group, and the competing offers for Stagecoach by National Express and DWS Infrastructure. What are the highlights from the report? Deal volumes remain steady,

ARCHIVED: This content was published in 2023 and is not maintained. The Market Standards trend report provides in-depth analysis of the 25 firm offers, 16 possible offers and seven formal sale processes and/or strategic reviews, which were announced in respect of Main Market and AIM companies subject to the Takeover Code (Code) in H1 2023. It includes market commentary from leading experts from Addleshaw Goddard, Ashurst, Clifford Chance, Gibson Dunn, Hogan Lovells, Linklaters and White & Case. It includes insight into public M&A trends and what we and our contributors expect to see in H2 2023 and beyond. Takeover activity Public M&A deal flows continued at more subdued levels in 2023 with 25 firm offers announced in H1 2023 (H1 2022: 27 firm offers; H2 2022: 19 firm offers). There were fewer high value transactions with aggregate deal value of £12.2bn and average deal value of £489m in H1 2023. This compares with aggregate deal values of £19.1bn and £22.2bn and average deal values of £709m and £1.2bn in H1 2022 and H2

ARCHIVED: This content was published in 2024 and is not maintained. What does the Market Standards Trend Report cover? The Market Standards Trend Report provides an in-depth analysis of the 29 firm offers, 32 possible offers and eight announcements of formal sale processes and/or strategic reviews, announced by Main Market and AIM companies subject to the Takeover Code (the Code) in H1 2024. It includes insight into public M&A trends and what we and leading experts from Addleshaw Goddard, Ashurst, Bird & Bird, Gibson Dunn, Hogan Lovells, Linklaters, Macfarlanes, Paul Weiss and White & Case expect to see in H2 2024 and beyond. Topics covered include: • outlook for H2 2024 • deal value and deal volume • deal structure • unrecommended and competing offers • public to private (P2P) transactions • bidder jurisdiction • industry • nature of consideration and bid financing • irrevocable undertakings • possible offers, formal sale processes and strategic reviews • legal and regulatory developments The report includes analyses of high-profile transactions, including the

Criminal legislation which created statutory offences relating to public order including riot, violent disorder, affray and causing fear or provocation of violence. It also makes provision for the regulation of processions and assemblies and restrictions on racial and religious hatred.

Public Law analysis: In this case, an inadvertent scoring mistake (which would have had the effect of tipping the score by 0.25% in favour of the incumbent contractor) was held not to be sufficiently serious or material enough to warrant an award of damages. Had the mistake not been inadvertent or not ‘sufficiently serious’, it is probable that the Court of Appeal would have come to a different decision (after applying the relevant Francovich case tests) and decided in favour of the aggrieved party. Lord Justice Coulson, in summing up the Francovich Case , referred to it, as follows: ‘Although this is a concept originating in European Law, it remains unamended by the new Procurement Act 2023. It is not a test that fits very easily either into the English common law generally, or the world of public procurement challenges in particular. This appeal is perhaps a paradigm example of some of the practical difficulties which the test can create.’ (para [1]). Written by Dr Mirza Ahmad LLD(Hon), barrister at St Philips Chambers.

The Crown Commercial Service (CCS) has published its latest Public Procurement Review Service (PPRS) results, covering cases from January 2018 to July 2025, showing the issues raised and the resolution of cases investigated under the PPRS.

The Crown Commercial Service (CCS) has published its latest Public Procurement Review Service (PPRS) results, covering cases from January 2018 to September 2025, showing the issues raised and the resolution of cases investigated under the PPRS.

The Crown Commercial Service has published the latest update to the Public Procurement Review Service results, covering the period from January 2018 to November 2024. The document provides insights into issues raised and resolutions of cases investigated under the service, which aims to improve public sector procurement practices. The Public Procurement Review Service, formerly known as the Mystery Shopper Service, continues to offer a mechanism for suppliers and other interested parties to report concerns about public sector procurement processes, with the results being regularly published to promote transparency and best practices in public procurement.

The Cabinet Office has published its latest update of the Public Procurement Review Service (PPRS) referrals and case resolutions, covering cases from January 2018 to December 2025. The document sets out the referrals raised and the associated resolutions of cases investigated under the PPRS.

The Cabinet Office has published its latest update of the Public Procurement Review Service (PPRS) referrals and case resolutions, covering cases from January 2018 to February 2026. The document sets out the referrals raised and the associated resolutions of cases investigated under the PPRS.

The Cabinet Office has published its latest update of the Public Procurement Review Service (PPRS) referrals and case resolutions, covering cases from January 2018 to July 2026. The document sets out the referrals raised and the associated resolutions of cases investigated under the PPRS.