Takeover Code - Advanced

Transcription

1 Takeover Code - Advanced Current Strategies & Tactics This course is presented in London on: 08 November 2018 This course can also be presented in-house for your company or via live on-line webinar The Banking and Corporate Finance Training Specialist

2 Course Objectives Participants will: Learn about advanced aspects of the conduct of an offer under the Takeover Code Explore the key rules for the conduct of public bids, including announcements, restrictions and the different types of takeover Gain an understanding of the strategies and tactics in public takeovers Understand the different bidder tactics and strategies within a takeover, including schemes of arrangement Master the Course impact Overview of recent Takeover Code changes Review the differences between cash and share offers Appreciate the target strategies and tactics, including forecasts, undertakings and anti-trust issues Background of the trainer The trainer has spent over 20 years in the City advising on a wide range of corporate finance transactions. He now provides corporate finance training courses on takeovers, London listings and other UK market regulation, as well as providing independent corporate finance advice. His courses draw on his extensive technical knowledge and are illustrated with relevant examples from his own experience and recent transactions. Course Overview This course covers key rules in the Takeover Code regulating takeovers and the bid strategies and tactics that are used in the current marketplace. The tactical advantage that possible bidders have had in takeovers has changed since the Code Review and the course examines the numerous effects this has had on bidder and target strategies. Participants will learn how takeovers are conducted from the initial stages to the completion or lapsing of the bid and will gain an understanding of which strategies and tactics have and which have not worked, with examples from many recent deals. Course Content The Takeover Code: Conduct of Offer The UK takeover framework Legal, UKLA and Takeover Code provisions Key rules for the conduct of public bids Announcements When possible/firm offer announcements are required Advisers responsibilities for announcements What is an untoward share price movement? Disclosures following announcements Naming and Put Up or Shut Up Contents of firm offer Conditions/pre-conditions When can they be subjective? When can they be invoked? What pre-conditions are possible in firm offer announcements? Minimum consideration following market purchases Restrictions

3 No special deals Management incentivisation in PTPs Frustrating actions and exceptions Squeeze out requirements Overview of recent changes to rules Types of takeover Offer statistics Contractual offer timetable How hostile offers are played out Timetables in competitive situations Development of Schemes of Arrangement The rules for Schemes and timetable Mandatory offer and whitewash requirements and uses Partial and tender offers rules and when they are useful Public Takeovers: Strategies and Tactics Changes in marketplace which have affected takeovers Bidder Strategies and Tactics Buying share stakes in Target Advantages of buying share stakes before and during bid Risks of buying stakes Restrictions on stake-buying and regulatory requirements Methods of acquiring stakes Is it worth holding a large minority stake? Irrevocable undertakings Advantages of holding irrevocables Attitude of shareholders Hard and soft irrevocables Non-binding letters of intent Impact of Takeover Code changes Return to traditional bid approach Effect of 28 day PUSU and naming Work which needs to be done before approach Friendly negotiations or hostile offer? Possible offers and bear hugs Timing considerations of firm offer announcements and bid Issues if US shareholders are present Structure: Scheme of Arrangements or Offer Advantages and disadvantages compared to contractual offer Examples of Schemes/offers meeting shareholder opposition Examples of Schemes in competitive situations Cash or share offer? Advantages/disadvantages of cash and shares Different mixes of consideration Cash alternative structures Other financing structures Means of using foreign shares Care with statements Price and other future actions Post-offer undertakings Concluding the offer When to increase offer

4 Are no increase / no extension statements useful? Target Strategies and Tactics Basic arguments for defence Directors and advisers responsibilities in accepting/rejecting an offer Measures before a bid Keeping close to market Identification of stakes Position of pension fund Negotiate, open books or make possible offer announcement? Effects of a possible offer announcement and timing Advantages of an auction When should Target refuse to talk? When to open up books? Forecasts and undertakings Profit/dividend forecasts Restructuring and valuations Share buy-backs and special dividends What works best? Pleadings Anti-trust White knight/squire Bolster the board Get them before they get you Both Sides Strategies and Tactics Conflicts of interest Examining documents/statements Financial and managerial arguments Direct approach to shareholders/analysts What Redcliffe s clients are saying about the course; The trainer had a good knowledge of the code & how the various takeovers have been implemented The best aspect of the course has been the chance of having an experienced professional as a trainer. Good first-hand experience, practical real life examples & updates of recent rules The trainer had years of experience giving excellent overview of the code Lead by an experienced market practitioner. Very interesting to hear deal experience of other participants too

5 09:30-17:00 London Standard Price: 695 +VAT Membership Price: VAT In-House Training Delivering this course in-house for a number of participants could be very cost effective. The venue and timing can be agreed to suit the client, as well as the selection of the trainer and the precise contents of the seminar. Tailored Learning All of our training courses can be tailored to suit your company s exact training needs. We will work closely with you to help develop a training programme with content that is unique for your organisation. Please us on enquiries@redcliffetraining.co.uk for more information E-Learning This course can also be presented as a bespoke e-learning programme created by you to fit your exact requirements.