Corporate Finance/M&A, Davis Polk & Wardwell LLP updates

United Kingdom

Contributed by Davis Polk & Wardwell LLP
Regulatory scrutiny of M&A transactions: United Kingdom extends power to intervene in foreign takeovers
  • United Kingdom
  • 01 July 2020

The government recently announced amendments to the merger control regime which extend its discretionary powers to intervene on national security or public interest grounds. These reforms aim to address concerns raised by the COVID-19 pandemic and related financial uncertainty which has heightened the "risk of hostile actors exploiting the situation" to acquire vulnerable UK businesses.

Regulatory scrutiny of M&A transactions: Enterprise Act regime for government control over investment
  • United Kingdom
  • 06 May 2020

From the outset of a deal, the parties will be keen to understand whether regulatory approval is required or recommended to be obtained prior to closing, how long it will take to obtain approval and the ability of the relevant regulator to block the transaction or otherwise impose conditions to closing that may change the commercial terms of the deal (as well as the likelihood of the same). This article looks at the regime under the Enterprise Act 2002 for government control over investment in the United Kingdom.

Regulatory scrutiny of M&A transactions: Enterprise Act merger control regime
  • United Kingdom
  • 29 April 2020

Regulatory scrutiny is an increasingly important area of focus for buyers and sellers in M&A transactions. From the outset of a deal, the parties will be keen to understand whether regulatory approval is required or recommended to be obtained prior to closing, how long it will take to obtain approval and the ability of the relevant regulator to block the transaction or otherwise impose conditions to closing that may change the commercial terms of the deal. This article looks at the UK merger control regime under the Enterprise Act 2002.

Regulatory scrutiny of M&A transactions: FSMA change in control regime
  • United Kingdom
  • 22 April 2020

Regulatory scrutiny is an increasingly important area of focus for buyers and sellers in M&A transactions. One area of scrutiny that frequently arises on the acquisition of UK businesses is the requirement to seek the consent of the Financial Conduct Authority or Prudential Regulation Authority to become a controller. This article looks at the Financial Services and Markets Act 2000 change in control regime.

Public M&A on trial: contested takeover schemes
  • United Kingdom
  • 29 January 2020

UK public takeovers can be structured either as a court-approved scheme of arrangement under the Companies Act 2006 or a contractual offer. This article examines two cases which highlight the types of objection raised by shareholders and provide an understanding of the approach taken by the English courts in applying their judicial discretion to sanction a scheme.


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