FCA Clarifies Notification Requirements Relating to Admissions to Trading- On 19 February, the FCA issued a clarification following industry concerns about overlapping disclosure requirements introduced alongside the...more
In December 2025, there were three Rule 2.7 announcements made across the UK public M&A market and three further possible offers announced. Firm Offers announced this month: • Recommended cash offer by Luke Johnson and...more
On 2 December 2025, the Takeover Panel published amendments to the Takeover Code following consultation earlier in the year (for more information, see the August edition of this newsletter) related to the application of the...more
Below is our quarterly briefing covering the most important developments for UK PLCs, UK equity capital markets and UK public M&A in Q4 2025....more
The Takeover Code (Code) changes in Panel consultation paper “PCP 2025/1” and response statement “RS 2025/1”: set out (in response to related amendments to the UK Listing Rules in 2024) a new framework for the application of...more
2025 has been a reasonably active year for the public M&A market in the UK. It started strongly, with the first half experiencing the highest deal volumes in any six-month period for several years, although the volume of...more
On 8 December 2025, the GC100 published guidance to support UK companies that wish to hold virtual-only shareholder meetings — in anticipation of the government’s proposed update to the Companies Act 2006 to clarify that...more
Following consultation earlier this year, the Takeover Panel has published a response statement adopting amendments to the Takeover Code concerning dual class share structures (DCSS), IPOs, and share buybacks. ...more
In October 2025, there were three Rule 2.7 announcements made across the UK public M&A market and five further possible offers announced....more
What is a PIPE? A PIPE typically involves an investor acquiring a non-controlling stake in a listed company by subscribing for convertible instruments and/or listed ordinary shares, typically issued at a discount. For...more
In August 2025, there were three Rule 2.7 announcements made across the UK public M&A market and one further possible offer announced....more
PS36 provides guidance on how the Panel usually applies Takeover Code provisions relating to an unlisted share alternative to a cash offer (stub equity), emphasising that the Panel should be consulted at an early stage...more
Below is our quarterly briefing covering the most important developments for UK PLCs, UK equity capital markets and UK public M&A. In this issue, we review: - Primary Market Bulletin 54 — Strategic leaks and unlawful...more
The FCA has published Primary Market Bulletin (PMB) No 54 outlining its concerns around the unlawful disclosure of inside information during the course of M&A transactions....more
The UK Takeover Code will be updated from 3 February 2025 - Companies with registered offices in the Channel Islands remain in-scope...more
Welcome to the Corporate Briefing, where we review the latest developments in UK corporate law that you need to know about. ...more
The updates include an information paper on implementing an uncertificated securities market, and a joint announcement on an enhanced timeframe for a new listing application process....more
The world’s first regulated private/public crossover market is significantly redesigned as a friction-free “private up” rather than “public down” market with rethought approach to disclosure and market abuse....more
The Takeover Code (the “Code”) has published its response to its consultation on the application of the Code and is adopting the amendments previously proposed in PCP 2024/1 subject to some modifications. The changes will...more
Welcome to the Corporate Briefing, where we review the latest developments in UK corporate law that you need to know about....more
On 10 April 2024, the FCA published its consultation paper (CP24/7) on payment optionality for investment research. This followed the Investment Research Review’s report from summer 2023, which recommended that the FCA should...more
On 24 April 2024, the UK Takeover Panel published PCP 2024/1 ("PCP 2024/1"), in which it is consulting on a significant narrowing of the types of companies that will be subject to the Takeover Code (the “Code”) - i.e., as...more
A new Takeover Panel consultation proposes to narrow the scope of the companies subject to the Takeover Code (the “Code”). ...more
Key Points - U.K.-incorporated companies may assume that they are protected by the - Takeover Code’s rules on bids and other changes of control, but that is not always true if they are listed in the U.S. - Whether...more