• UK FB issued main takeaways of its first M&A Conference: 2024 and Beyond.

Overview

• Inaugural M&A Conference welcomed over 125 delegates ranging from advisory, legal and consultancy practitioners to companies, regulators, government representatives.
• Experienced line-up of keynote speakers and panellists considered the latest trends in UK M&A and discussed challenges facing practitioners in 2024 and beyond.

Takeover Code

• UK Takeover Panel Director General provided overview of progress, panel revised what constitutes frustrating actions to reflect real-world situations in which companies find themselves and refreshed Practice Statement 5 re invocation of regulatory conditions.
• Provided indication of likely consultation proposing to focus scope of Takeover Code’s jurisdiction on listed and recently listed companies.
• That, accompanied by proposed arrangements for a transitional period for those companies which will cease to be Code companies under the proposed new regime.
• Proposed rule changes are aimed at providing greater clarity and certainty to industry.
• Shared some helpful insights on areas where market practice needs to be improved including in relation to compliance with Rule 2 and intention statements of offerors.