Transactions UK

  • March 28, 2024

    UK Litigation Roundup: Here's What You Missed In London

    This past week in London has seen investors target fraudsters who ran a fake film tax scheme, Barclays Bank sue privately owned Russian bank PJSC Sovcombank, easyGroup bring a trademark infringement claim against online casino TGI Entertainment for its "easybet" word sign, and a bioethanol fuel company hit high-profile individuals connected to the collapsed Elysian Fuels scheme. Here, Law360 looks at these and other new claims in the U.K.

  • March 28, 2024

    Disinfectant Biz Byotrol Plans To Pull London Listing

    Byotrol PLC proposed pulling its shares from the London Stock Exchange on Friday because of the expense of being a publicly listed firm and said it plans to raise up to £500,000 ($631,000) outside the exchange.

  • March 28, 2024

    Freshfields, WilmerHale-Led Keysight Bids £1.2B For UK Biz

    Telecoms-testing specialist Spirent said Thursday that it has agreed to accept a bid of approximately £1.16 billion from U.S. technology company Keysight and has rejected a previously agreed £1 billion offer from a maker of network-testing equipment.

  • March 28, 2024

    Struggling Lender Amigo Raises Cash, Eyes Reverse Takeover

    Amigo Holdings PLC said on Thursday that it has raised cash and is looking for a reverse takeover target so that it can continue operating as a listed company, amid the planned liquidation of its troubled subprime lending arm.

  • March 28, 2024

    Abrdn Property Plans Wind-Down After Merger Rejected

    Abrdn Property Income Trust Ltd. has said it is planning a managed wind-down after its shareholders voted against an all-share merger with Custodian Property Income REIT PLC that valued it at £237 million ($299 million).

  • March 27, 2024

    Aviation Co. Did Not Undersell By $28M, Lessor Claims

    An aircraft lessor has denied falsely suppressing its profitability to convince an aviation business to undersell its shares in the lessor by $28 million, claiming that any estimates of possible income were genuine and honest.

  • March 27, 2024

    Bain Capital Sells £68M Of TI Fluid Shares

    Private equity and venture capital firm Bain Capital LP on Wednesday said it has sold 50 million shares of auto parts supplier London-listed TI Fluid Systems through a subsidiary and raised approximately £67.5 million ($85 million) in the process.

  • March 27, 2024

    Renault Sells More Nissan Shares For €362M

    French carmaker Renault said Wednesday that it will sell more than 100 million shares of its partner Nissan Motor Co. Ltd. back to the Japanese automaker as part of plans to reduce its Nissan shareholding.

  • March 27, 2024

    Mining Royalties Biz Ecora Launches $10M Buyback

    Ecora Resources PLC began a share repurchase program worth up to $10 million on Wednesday, citing concerns that its stock is undervalued.

  • March 27, 2024

    Shoosmiths, CMS, HSF Guide £510M Pension Deal For Next

    High street clothing retailer Next PLC has offloaded £510 million ($643 million) of its retirement scheme liabilities to Pension Insurance Corp. PLC, in a deal steered by law firms Herbert Smith Freehills LLP, Shoosmiths LLP and CMS Cameron McKenna Nabarro Olswang LLP.

  • March 27, 2024

    Diploma To Buy US Aircraft Fasteners Maker For £236M

    Specialty fastener and adhesive company Diploma said Wednesday that it has agreed to acquire U.S.-based Peerless Aerospace Fastener LLC, which makes bolts and nuts for aircrafts, for approximately £236 million ($300 million) to boost its own aerospace fastener production.

  • March 27, 2024

    Consumer Goods Giant To Launch 3rd Part Of £1B Buyback

    Reckitt Benckiser Group PLC said Wednesday it will soon launch the third and final part of its up to £1 billion ($1.3 billion) share repurchase program aimed at cutting down its outstanding share capital.

  • March 27, 2024

    Clifford Chance Helps Italy Sell 12.5% Of Monte Dei Paschi

    Italy has sold 12.5% of the shares in Monte dei Paschi for €650 million ($704 million) in total, to reduce its 2017 bail-out holding in the Italian lender said to be the world's oldest bank.

  • March 27, 2024

    Skadden Steers Int'l Paper's £5.7B Bid For DS Smith

    International Paper Co. has made a £5.72 billion ($7.22 billion) proposed offer for British rival DS Smith PLC as it seeks to compete with the earlier bid of £5.1 billion made by Mondi PLC.

  • March 26, 2024

    Pet Drug Maker Faces EU Probe For Axing Pipeline Dog Med

    The European Union's antitrust authority said Tuesday it has launched a probe into whether Zoetis Inc. had illegally blocked competition by acquiring a pipeline product designed to treat pain in dogs and axing a potential rival's deal to sell it.

  • March 26, 2024

    Platinum Miner Tharisa Launches $5M Share Buyback

    Southern African-focused Tharisa PLC on Tuesday began a share repurchase program worth up to $5 million, amid concerns its stock is undervalued on the markets.

  • March 26, 2024

    Carrefour Buying €365M Of Its Shares From Store Owner

    Hypermarkets giant Carrefour said on Tuesday that it will buy back almost 3.5% of its share capital from the owner of the Galeries Lafayette department store chain for €365 million ($396 million), part of its wider €700 million share repurchase program.

  • March 26, 2024

    Insurance Execs Deny BDO Found Buyer For £18.5M Sale

    Directors of KGJ Insurance Services have denied owing advisory fees to BDO LLP following the sale of the insurance broker for an estimated £18.5 million ($23.4 million), claiming that BDO never proposed or introduced the buyer itself.

  • March 26, 2024

    Engineering Biz Smiths Kicks Off £100M Buyback Program

    Smiths Group PLC on Tuesday began the first half of a £100 million ($127 million) share repurchase program aimed at reducing its outstanding share capital, as it announced improved earnings and ushered in a new chief executive.

  • March 26, 2024

    UK Clears £1.2B Atlanta-Markerstudy Insurance Broker Merger

    Britain's antitrust authority said Tuesday it has cleared the planned merger between Atlanta Group and Markerstudy, a deal that values Ardonagh's home and car insurance business at £1.2 billion ($1.5 billion), after finding that the deal will not harm competition in domestic markets.

  • March 26, 2024

    Revolution Bar Chain Considers Putting Itself Up For Sale

    Revolution Bars said Tuesday that it may put itself up for sale to maximize value for shareholders in the chain of bars as the hospitality industry continues to struggle after COVID-19 and amid a cost-of-living crisis.

  • March 25, 2024

    Man Denies Conspiring Against Game Host's Ex-Biz Partner

    A man accused of conspiring with convicted HBOS fraudster Mark Dobson to acquire a company from the ex-business partner of TV personality Noel Edmonds by undervaluing it has denied that any plot existed.

  • March 25, 2024

    Qualcomm Halts Plan To Buy Israeli Biz Under Regulatory Heat

    The Federal Trade Commission is celebrating Qualcomm's decision to abandon its attempts at acquiring an Israeli company that makes chips that allow vehicle-to-vehicle communication after too much regulatory pushback.

  • March 25, 2024

    Virgin Seeks Full $200M In Train Brand Feud After $115M Win

    Virgin Enterprises Ltd. has sued Brightline Holdings LLC for the full $200 million exit fee for backing out of its train brand licensing deal after already winning $115 million, arguing in documents made public on Monday that it's owed a boosted exit fee because of a change in control of the U.S. rail operator.

  • March 25, 2024

    Novo Nordisk Inks $1.1B Deal For German Pharma Biz

    Danish pharmaceutical giant Novo Nordisk A/S said Monday it has signed a deal to acquire Cardior Pharmaceuticals of Germany for just over €1 billion ($1.1 billion) to widen its focus on cardiovascular diseases.

Expert Analysis

  • Widely Forecast UK Recession Is Likely To Reshape M&As

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    Despite the economic downturn in the U.K., transactions will continue to get done in 2023, albeit with more complex terms and a greater focus on undertaking vigorous due diligence on customer relationships and contracts, say attorneys at Skadden.

  • Czech Z-Trade Ruling Shows Benefit Of Compliance Program

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    With its recent Z-Trade fine reduction decision, the Czech Office for the Protection of Competition has for the first time put into practice its compliance program consideration policy, providing a further incentive for companies to implement such programs and underlining the office's intention to pay attention to them, say Vojtech Chloupek and Martin Taimr at Bird & Bird.

  • Lessons That May Be Learned From The Demise Of Made.com

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    With Made.com going into administration, companies that may face similar challenges should take on board that the earlier adequate preemptive planning is considered, the more financial and legal options there will be to avoid last minute firefighting and to focus instead on strengthening the business, says Eleni Michaela at Faegre Drinker.

  • Link Ruling Shows FCA's Wide Change-In-Control Powers

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    The Financial Conduct Authority's recent decision regarding the proposed acquisition of Link Fund Solutions is a reminder that the regulator has significant powers to attach conditions to its approvals and the advent of the Financial Services and Markets Bill could lead to the widening of those powers, say Charlotte Hill and Daniel Hirschfield at Taylor Wessing.

  • Takeaways For Transaction Parties After UK Acquisition Block

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    The U.K. government recently used its retrospective powers under the National Security and Investment Act for the first time to block Nexperia’s acquisition of Newport Wafer Fab, highlighting the considerations that parties have to evaluate when contemplating transactions in high-risk areas, say attorneys at Arnold & Porter.

  • Understanding The EU's New Foreign Subsidies Regulation

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    The European Parliament’s newly adopted Foreign Subsidies Regulation extends already wide-ranging European Union state aid powers and adds new layers of deal conditionality, so companies will need to carefully consider how the regulation may affect their EU-bound activities, say Peter Camesasca and Sophie Bertin at Covington.

  • A Look At The Increase In Employee Ownership Trusts

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    The rise in employee ownership trusts has brought certain challenges, but with tax advantages and a proven positive impact on individuals, businesses and regional economies, employee buyouts are set to become more popular and could outstrip mainstream deal activity, says ​​​​​​​Lisa Hayward at Birketts.

  • EU Basel III Bank Reforms May Weaken Securities Market

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    Recent proposals from the Council of the European Union's review of Basel III bank capital regulatory reforms did not adopt substantive changes urged by the market for the securitization framework, and may have a dampening effect on the competitiveness of European securitizations, say attorneys at Hogan Lovells.

  • 5 Factors Driving Longer Prenotifications In EU Mergers

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    Attorneys at Linklaters discuss reasons, including transaction complexity and a higher standard of proof, why the duration of the prenotification process in European Commission merger control cases has generally increased over the last 10 years, say attorneys at Linklaters.

  • Series

    My Favorite Law Prof: How I Learned To Argue Open-Mindedly

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    Queens College President Frank Wu reflects on how Yale Kamisar’s teaching and guidance at the University of Michigan Law School emphasized a capacity to engage with alternative worldviews and the importance of the ability to argue for both sides of a debate.

  • New Clarity On Directors' Creditor Duty In Insolvency Context

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    The recent case of BTI 2014 v. Sequana, the first to consider the creditor duty at U.K. Supreme Court level, provides directors and insolvency practitioners with significant guidance on how close to insolvency the company needs to be for the creditor duty to be engaged, say attorneys at Shearman.

  • German Draft Bill Reflects Trend Toward New Antitrust Tools

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    A recently proposed amendment to the German Act against Restraints on Competition continues the trend in Europe to equip authorities with greater powers, shifting from a more traditional approach to a more extensive market protection tool, say attorneys at Gibson Dunn.

  • How COVID, Supply Chain Woes Are Fueling Air Cargo M&A

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    The pandemic has triggered a shift in the air cargo market, with supply chain issues and demand for expedited service attracting new investment — and M&A interest will likely continue, even as inflation and other factors damp enthusiasm, say Solange Leandro and Alison Weal at Watson Farley.

  • What To Expect From A Simplified EU Merger Control System

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    The European Commission’s draft amendments to the EU merger control system, expected to be formally adopted shortly, reduce its administrative burden and expand the scope of the simplified procedure to additional categories of transactions, providing a welcome development for companies and their advisers, say Axel Gutermuth and Lukas Šimas at Arnold & Porter.

  • How The Pandemic And UK Security Law Are Changing Deals

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    Deal makers must consider how the COVID-19 pandemic has shaped the approach to material adverse change provisions in the U.K. and U.S., and how the new U.K. National Security and Investment Act regime will affect investors across the globe seeking to acquire material influence in a U.K. company, say attorneys at Covington.

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