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 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
Welcome to the Corporate Briefing, where we review the latest developments in UK corporate law that you need to know about. In this month’s issue, we discuss...more
Following on from its earlier consultation, the Code Committee of the Takeover Panel has published its amendments to Rule 21 of the Code which take effect on 11 December 2023 and apply to on-going transactions which straddle...more
Recent weeks and months have seen regular coverage on the growing trend of large UK based companies exploring listings on US stock exchanges such as New York Stock Exchange (NYSE) and Nasdaq at the expense of the London Stock...more
On 15 May 2023, the UK Takeover Panel published a public consultation on proposed changes to the Takeover Code's Rule 21.1 (which prevents a target under offer (or where an offer is imminent) from taking action that may lead...more
Welcome to the Corporate Briefing, where we review the latest developments in corporate law that you need to know about. In this month’s issue, we discuss...more
This edition covers the FCA’s priorities for the next 12 months, the ICGN statement on post-pandemic AGM practices, Takeover Code changes affecting competitive bids, and a proposed new corporate “failure to prevent fraud”...more
On 2 December 2021, the Financial Conduct Authority ("FCA") announced some material changes to the Listing Rules in its policy statement PS21/22; these are summarised below. The FCA has sought to strike a balance between...more
In our first UK Public Markets Snapshot, we cover the key market trends in the first half of 2021, and share our predictions for H2. The UK and international M&A markets are booming, with a wave of takeover offers, including...more
Last year the Takeover Panel (the “Panel”) published a consultation paper proposing a number of amendments to (i) simplify the offer timetable under the Code (ii) provide certainty that once a firm offer has been announced it...more
On October 27, 2020 the U.K. Takeover Panel (the “Panel”) published a consultation (the “Consultation”) on a series of significant changes to the treatment of conditions (and pre-conditions) to offers and the timetable which...more
This consultation paper proposes a number of amendments to (i) simplify the offer timetable under the Code (ii) provide certainty that once a firm offer has been announced it will not lapse or be withdrawn without good reason...more
One The Takeover Panel has announced today proposals to make substantial changes to the UK Takeover Code. These are the most significant changes to the Code since the September 2011 amendments in the wake of the...more