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At the end of last week, the FCA published Primary Market Bulletin 52 (PMB 52) which provides helpful guidance for listed companies on the practical application of certain aspects of the UK version of the Market Abuse Regulation ("MAR"). While the points covered in PMB 52 are not new, they nonetheless provide some useful reminders for issuers on areas on which the FCA is focusing.
US PE sponsors, and their portfolio companies, have continued to execute a significant number of UK public takeovers - launching bids for UK companies listed across both the Main Market of the London Stock Exchange and AIM.
On 6 November 2024, the Takeover Panel (the "Panel") published a response statement setting out changes to be made to the Takeover Code (the "Code"), to narrow the range of companies to which the Code applies.
Despite continued global economic and geopolitical uncertainty, and with the UK general election today, H1 2024 has seen improved levels of public M&A activity in the UK. There was a total of 30 firm offers announced in H1 2024 for UK public companies listed on the Main Market or AIM (25 in H1 2023). A further 10 public companies are currently subject to a 28-day put up or shut up (PUSU) period, and there have been six formal sale processes.
On 27 October 2023, the Takeover Panel released an amended version of its Practice Statement 5 ("PS5") on invocation of conditions to takeover offers.
Practice Statement 5 now provides guidance on how bidders can both retain a "No Phase 2" condition, yet still have the protection of a materiality condition if the parties choose/are forced to proceed to a Phase 2 review.
On 27 October 2023, the Takeover Panel published amendments to Rule 21 and the associated guidance that will take effect from 11 December 2023.
Competition Senior Counsel Ingrid Hodgskiss has co-authored an article for Utilities Law Review alongside Carsten Bormann of Oppenhoff in Cologne. Their article, 'All about security?