Public M&A Podcast Series Episode 4: Conditions to an offer and when a condition can be invoked

In our latest public M&A podcast, Mark Bardell and Antonia Kirkby discuss conditions to a takeover offer and in particular:

• what the UK Takeover Panel will allow bidders to include as a condition to an offer; and
• when it will allow a bidder to invoke a condition to an offer, in particular a “material adverse change” condition or MAC.

This is topical because of the recent ruling by the Panel that a bidder was not permitted to invoke a MAC condition to an offer – the bidder for Moss Bros wanted to terminate its bid because of the impact the Covid-19 pandemic but the Panel would not let it do so.

To listen to the full conversation please visit SoundCloud, Spotify or iTunes.

For our previous episodes on:

• formal sale processes, click here;
• standards of disclosure on public M&A, click here; and
• statements of intention, click here.