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19 11月 2024
Insight
UK
In October 2024, there were four Rule 2.7 announcements made across the UK public M&A market and five further possible offers announced.
Firm Offers announced this month:
- Recommended cash offer by AO World plc for musicMagpie plc - £9.98 million
- Recommended cash offer by Brookfield Asset Management for Tritax EuroBox plc - £557 million – public to private
- Recommended cash offer by Joshua Alliance for N Brown Group plc - £190 million – cash and unlisted securities alternative
- Recommended cash offer by Bridgepoint Group plc for Eckoh plc - £169.3 million – public to private
Possible Offer announced this month:
- Strategic review announced by Digitalbox plc
- Possible offer by StoneX Group Inc. for CAB Payments Holdings plc - £368.5 million (revised proposal); £292.3 million (original proposal) – cash and shares consideration
- Strategic review announced by Zytronic plc
- Strategic review announced by The PRS REIT plc – formal sale process
- Possible offer by Esyasoft Holding Limited for Good Energy Group plc
Firm Offers breakdown this month:
Year to date breakdown:
October 2024 Updates:
Public M&A – our consolidated public M&A update
We have published an overview of recent developments in public M&A in the UK. It covers recent market activity as well as legal and regulatory developments, including the latest Takeover Panel consultation and guidance and the impact of the new UK listing regime on M&A.
The update is available here.
UK Public M&A podcast Ep 27: Private sale processes under the Takeover Code
In this episode of our public M&A podcast series, we look at Practice Statement 31, which was updated by the Takeover Panel earlier this year.
Practice Statement 31 describes the Takeover Panel’s approach to formal sale processes, strategic reviews and private sale processes.
In the podcast, we discuss:
- formal sale processes under the Takeover Code and the dispensations available on those;
- what a private sale process (PSP) is; and
- what dispensations the Panel may grant on a PSP and the advantages of obtaining the dispensations.
To listen to the full conversation please visit SoundCloud, Spotify or Apple.
All episodes in our UK public M&A podcast series are available on our public M&A podcast page.
October 2024 Insights:
October has seen a dip in activity compared to the same period in 2023. There has been a dip in the number of firm offers, down from ten to four, but saw a slight increase in the number of possible offers. In terms of overall deal volume, at this point last year there were 46 firm offers, which 2024 mirrors exactly. This level of deal activity, combined with the volume of firm and possible offers seen in September, shows that the appetite for public M&A deals continue, with the UK market looking to build on the momentum and close out the year strongly.
Comparing the bidder types for the second half of 2024, October has seen a rise in sponsor bidders, bucking the trend of strategics dominating public M&A activity. In October 2024, a further three bidders were sponsors, matching the total for the previous three months combined. For example, October 2024 saw Brookfield Asset Management, Joshua Alliance and Bridgepoint Group plc being sponsor bidders in their offers, whilst only AO World plc's offer for musicMagpie plc was a strategic move. October goes against the trend seen throughout 2024, but as 2024 draws to a close, the trend may be shifting.
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
Legal Notice
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.
© Herbert Smith Freehills 2024