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12 9月 2024
Insight
UK
In August 2024, there were three Rule 2.7 announcements made across the UK public M&A market and three further possible offers announced.
Firm Offers announced this month:
- Recommended cash offer by Lease Operators Limited for Trinity Exploration & Production Plc - £26.5 million
- Recommended cash offer by CVC Group, Nordic Capital and Abu Dhabi Investment Authority for Hargreaves Lansdown plc - £5.4 billion – public to private – cash and unlisted securities alternative
- Recommended cash offer by Gran Tierra Energy, Inc. for i3 Energy plc - £174.1 million – cash and shares
Possible Offers announced this month:
- Strategic review announced by easyHotel Limited
- Possible offer by Gran Tierra Energy, Inc. for i3 Energy plc (firm offer subsequently announced)
- Possible offer by Kondor AI PLC for Ora Technology plc - £20.6 million – shares
August 2024 Insights:
August has been a quieter month for public M&A deal activity, with just three firm offers and three possible offers announced (one of which subsequently became a firm offer). The trend of fewer firm offers in August has continued, with 2024 matching the total seem in 2023. Although there were only three firm offers, two of them had mixed consideration, continuing a trend we have seen this year, with 40% deals having a mixed form of consideration so far in 2024. CVC Group, Nordic Capital and Abu Dhabi Investment Authority's offer for Hargreaves Lansdown plc had a mix of cash and unlisted securities alternative, whilst Gran Tierra Energy, Inc. offered a mix of cash and shares for i3 Energy plc.
In two of the three firm offers in August, the target has been in the oil, gas and chemical sector. This sector has accounted for 11% of the firm offers announced in 2024, which is the highest share of the past four years, and nearly four times the share of 2023. Interestingly, all four firm offers in 2024 have been made by a strategic bidder, which demonstrates the consolidation the oil, gas and chemical sector is currently experiencing.
Useful links
- Herbert Smith Freehills Takeovers Portal.
- Herbert Smith Freehills Public M&A Podcast Series.
- The Takeover Code.
- The Takeover Panel’s Disclosure Table (detailing offeree companies and offerors currently in an offer period).
Key contacts
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The contents of this publication are for reference purposes only and may not be current as at the date of accessing this publication. They do not constitute legal advice and should not be relied upon as such. Specific legal advice about your specific circumstances should always be sought separately before taking any action based on this publication.
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