As with all public offers, PTPs are high-risk transactions with many strategic and tactical issues, regulatory and legal requirements, and different groups of stakeholders to be managed. And while PTPs can present valuable opportunities for financial sponsors and management teams, these parties must be alive to the inherent execution risks.
Since the publication of our 2021 PTP guideline, the regulatory environment surrounding UK takeovers has undergone some important changes, prompting this updated best-practice guidance.
The guideline covers the six key steps in the transaction process:
- Initial considerations of a potential acquiror (or a management team)
- Funding and structure
- The approach
- Preparing for an offer
- Legal documentation and structuring
- Offer implementation
Containing example timelines for takeover offers and schemes, and addressing tricky areas such as asset valuation, share buying, pension schemes and regulatory approvals, this guideline aims to provides clarity and confidence for those navigating the takeover landscape.
The guideline is intended for corporate finance and legal advisers, as well as principals in private equity and public companies. It reflects the rules on UK public takeovers in effect in March 2026.
Further reading:
Read the full guideline
This Corporate Finance Faculty guideline provides a step-by-step guide to navigating private to public transactions, authored by M&A and public takeover specialists from PricewaterhouseCoopers LLP and Travers Smith LLP.
