Public M&A podcast Ep 12: ‘Shadow bidding’ – when does an approach about a possible offer have to be announced?

In the latest episode in our Public M&A podcast series, we discuss when an approach to a target about a possible offer has to be announced.

This is a topic that has been discussed in the press recently, amid complaints from shareholders who only discovered after a firm offer had been announced that the target had received a number of approaches prior to the firm offer announcement, and reports that the Takeover Panel is reviewing the rules around announcing an approach.

In the podcast we discuss:

• the current Takeover Code requirements around announcing an approach;
• the relevant announcement obligations in the Market Abuse Regulation; and
• our thoughts on whether the rules need to be reformed.

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

Our public M&A podcast series

All our UK public M&A podcasts are available on our public M&A podcast page. In earlier episodes we discuss:

• the Code changes relating to conditions to an offer and the offer timetable
• shareholder influence on public M&A in 2020/2021
• public M&A activity in 2020 and what we expect to see in 2021
• the Takeover Panel consultation paper on conditions to an offer and the offer timetable
• the influence of target shareholders on a bid
• how the UK Takeover Code applies in a distressed situation
• public to private (P2P) bids
• conditions to an offer and when an offer can be invoked
• statements of intention
• standards of disclosure on public M&A and
• formal sale processes.