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5 themes that will impact your deal-making in 2021
Dealmakers looking to execute acquisitions involving UK businesses face a new regulatory landscape with the UK’s CMA now having stand-alone merger control jurisdiction and the UK introducing its own national security review process this year. Investors will need to ensure that SPA provisions suitably address the additional risks introduced by these processes.Read more Getting to grips with the new landscape in the UK
There are more foreign investment regimes catching a broader range of deals in far more sectors than ever before. Given the impacts the development of these regimes are having on transactions globally, foreign investment has become a key component of early stage deal planning for all potential investors.Read more State intervention – here to stay
Whilst aimed at reducing uncertainty for offeree shareholders, the proposed changes to the Takeover Code may have a chilling effect on financial sponsor offerors, with longer term financing commitments and without the safety-net of being able to invoke a condition if a review goes to an unwelcome Phase 2.Read more UK Takeover Code consultation – is logic prevailing?
The European Commission is increasingly looking to streamline its review of cases that have little impact on competition, meaning faster approvals for stand-alone financial investments. At the same time, the EC is keen to ensure transactions which harm competition do not slip under the radar potentially bringing added scrutiny to bolt-on strategies.Read more Europe – smoother sailing for many but a word of warning for some
The surge in M&A in Q3 2020 shows that despite the Covid crisis, there is room for significant M&A activity. While antitrust regulators have handled the crisis well overall, dealmakers should pay particular attention to long stop dates, antitrust risk allocation and pre-closing covenants, to make sure that Covid-related delays do not derail their deals.Read more Impact of Covid-19 on merger reviews