Legal Regimes

UK UPDATE – Changes Adopted to UK Takeover Regime to Strengthen Position of UK Targets, Prompted by Kraft’s Successful Hostile Takeover of Cadbury

Published on: October 3 2011
Contributed by: Nigel Boardman, Slaughter and May (London)

Executive summary: A revised edition of the UK Takeover Code took effect on 19 September 2011. The revisions were prompted by Kraft’s hostile takeover of Cadbury in 2010, which triggered debate about the weak position of UK target companies. The revised Code introduces rules to strengthen the target’s position, namely an enforced “put up or … Continued

Editors’ Note: Nigel Boardman is a partner at Slaughter and May and a founding director of XBMA.  As one of the leading M&A lawyers in the UK, Mr. Boardman’s perspective on the UK’s response to the Cadbury takeover is informed by broad experience in a range of significant solicited and unsolicited cross-border transactions over many years.  Mr. Boardman’s paper is the first in a series of posts that will focus on various jurisdictions’ reactions to foreign takeovers of important domestic companies.

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XBMA – Quarterly Review for Q1 2011

Published on: June 29 2011

The attached slides summarize trends in cross-border M&A and strategic investment activity throughout the first quarter of 2011.   Highlights: Global M&A volume for Q1 2011 was US$671.8 billion, up 29.5% as compared to Q1 2010. Cross-border transactions have rebounded substantially from 2009: 38% of Q1 2011 global M&A was cross-border — up slightly from … Continued

Editor's Note: This is an example of the type of post and content the XBMA Forum seeks to showcase.

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