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