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Corporate Finance/M&A

14 August 2019
Will Pearce KCOM takeover – Takeover Code default auction process

United Kingdom - Davis Polk & Wardwell LLP

Since June 2019, Universities Superannuation Scheme and Macquarie have been engaged in a competitive takeover battle for KCOM (a telecoms company). As was the case for the recent Sky takeover, it proceeded to an auction. However, instead of the parties agreeing to their own set of rules for the auction, the Takeover Panel's default auction rules were used, making it the first time that they have been used for a UK takeover.

Authors: Will Pearce, William Tong, Joseph Scrace
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