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Takeover Bids Material Adverse Change Clauses (MACs)

Morgan Lewis

UK Takeover Panel: COVID-19 and UK Lockdown Insufficient to Trigger MAC Conditions

Morgan Lewis on

The offeror for Moss Bros sought to rely on standard material adverse change conditions to lapse the offer, on the basis of the impact of the coronavirus (COVID-19) pandemic and related UK governmental measures on Moss Bros. ...more

Skadden, Arps, Slate, Meagher & Flom LLP

Moss Bros: The Difficulty of Invoking MAC Conditions in UK Public Takeovers

The Takeover Panel (the Panel) has confirmed again in the Moss Bros case how difficult it is for bidders to invoke material adverse change conditions (MACs) and lapse offers in the UK. On 12 March 2020, Brigadier Acquisition...more

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