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Takeovers

Find out more about takeover bids and the legislation used to regulate and supervise takeovers. On this page you can access a range of articles, books and online resources providing quick links to guidance, regulations and recent developments.

What's on this page?

  • eBooks
  • Online articles
  • Useful links
  • Articles and books from the Library

Featured book

A practitioner's guide to the City Code on takeovers and mergers
Annual publication providing practical commentary and guidance on the work of the City of London's takeover watchdog.

eBooks

The Library provides full text access to a selection of key business and reference eBooks from leading publishers. eBooks are available to logged-in ICAEW members, ACA students and other entitled users. If you are unable to access an eBook, please see our Help and support advice or contact library@icaew.com.

Due diligence: an M&A value creation approach

The book offers practical guidance on the mergers and acquisitions process, covering strategic planning, candidate pursuit, target evaluation, contract negotiation, through post-acquisition integration. It contains chapters on growth strategy, preparing for due diligence, conducting the due diligence review, and risk management.

Mergers and acquisitions: a practical guide for private companies

Provides a detailed explanation of the options available to private companies interested in mergers and acquisitions. Contains sections on M&A as a business strategy, private equity and venture capital, the mechanics of the M&A process, shareholders and boards of directors, and a step-by-step guide to going through a merger or acquisition.

Terms of use: You are permitted to access, download, copy, or print out content from eBooks for your own research or study only, subject to the terms of use set by our suppliers and any restrictions imposed by individual publishers. Please see individual supplier pages for full terms of use.

Online articles

The Library provides access to leading business, finance and management journals. These journals are available to logged-in ICAEW members, ACA students and other entitled users subject to suppliers' terms of use.

Deal-making goes global

The article focuses on Mergermarket's Global Trend Report, which found 7% increase in mergers and acquisitions with more than 45,200 transactions announced across the globe in 2018. It refers to a comment by Marc-Anthony Hourihan, managing director and co-head of Americas M&A with UBS, that growth appears to be slowing while the number of transactions remains strong in 2019.

How fee details can make or break a takeover

If an acquiring advisory firm doesn't adequately consider the nuts and bolts of a seller's fee structure and billing processes, headaches are guaranteed. The article discusses the importance of identifying the fee structure and billing processes of registered investment advisors (RIAs) firm prior to its acquisition and takeover. It explains the legal consequences of fee schedules under due diligence, billing processes, and fee adjustments. It notes the expertise and talent of advisors to retain clients.

Striking a fair balance in UK Takeover Law: Market Interests, Power of Regulation, and Enforcement

In this article, the author identifies the main characteristics of the UK takeover regulatory regime, which is unique compared to other models in advanced capital markets - the principal values of the Takeover Code, the functional constitution of the Takeover Panel, the expertise-based approach to enforcement, and the minimal intervention of the judiciary help strike a fair balance among various market interests.

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Useful links

City Code on Takeovers and Mergers
Full text of the most recent version of the Code available to download in PDF format.

Takeover Panel
Regulatory body which administers the City Code on Takeovers and Mergers. The site provides the full Code, related documents, disclosure forms, the disclosure table and practice statements.

EC Directive on Takeover Bids (2004/25/EC)
The EU directive, implemented in May 2004, aims to provide a common framework for takeover regulation.

Publications

A guide to takeovers in the United Kingdom
A sixty page guide from law firm Slaughter & May which covers takeovers of UK incorporated and listed companies subject to The City Code on Takeovers and Mergers. Updated in January 2018.

Guide to public takeovers in Europe
This guide provides a general overview of the law and regulations applicable to public takeover offers. Published jointly between the law firms De Brauw Blackstone Westbroek (Netherlands), Slaughter and May (UK), Bredin Prat (France), BonelliErede (Italy), Hengeler Mueller (Germany) and Uría Menéndez (UK). Updated in June 2016.

Change to companies subject to the UK Takeover Code
A briefing from international law firm Clifford Chance on changes that take effect from 30 September 2013, altering the residency test and drawing additional companies into the scope of the code. Published in May 2013.

Strategic acquisitions
Business guide from Atom Content Marketing.

Articles and books in the Library collection

To find out how you can borrow books from the Library please see our guide to book loans.

You can obtain copies of articles or extracts of books and reports by post, fax or email through our document supply service.

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