The City Code on Takeovers and Mergers — An Introduction

November 28, 2011

As you may know, the UK rules on public company takeovers changed in September.  In particular, deal protections (including break fees) for bidders have been generally outlawed and also the time during which a bid must be tabled once an approach has been announced is now an automatic fixed period of 28 days.  These changes mean that both bidders and targets in public deals will need to be more prepared than they may have been in the past.  Gibson Dunn has advised on the two most high-profile transactions over this period of change, Kraft’s £11.7 bn acquisition of Cadbury and HP’s £7.1 bn acquisition of Autonomy (the largest takeover of a UK high-tech company).  Our guide below gives a general introduction to the UK takeover rules (including the recent changes).

The City Code on Takeovers and Mergers – An Introduction

Gibson, Dunn & Crutcher’s lawyers are available to assist in addressing any questions you may have regarding these developments.  Please contact the Gibson Dunn lawyer with whom you work, or any of the following:

In the UK:
Jeffery Roberts (+44 20 7071 4291, [email protected])
James Barabas  (+44 20 7071 4253, [email protected])
Selina Sagayam (+44 20 7071 4263, [email protected])

In the US: 
Dennis J. Friedman – New York (+1 212-351-3900, [email protected])
Jonathan K. Layne – Los Angeles (+1 310-552-8641, [email protected])
Barbara L. Becker – New York (+1 212-351-4062, [email protected])
Christopher D. Dillon – Palo Alto (+1 650-849-5325, [email protected])
Eduardo Gallardo– New York (+1 212-351-3847, [email protected])
Stephen I. Glover – Washington, D.C. (+1 202-955-8593, [email protected])
Russell C. Hansen – Palo Alto (+1 650-849-5383, [email protected])
David M. Hernand – Los Angeles (+1 310-552-8559, [email protected])
Lois F. Herzeca – New York (+1 212-351-2688, [email protected])

© 2011 Gibson, Dunn & Crutcher LLP

Attorney Advertising:  The enclosed materials have been prepared for general informational purposes only and are not intended as legal advice.