Noerr’s Post

Public M&A Report 02/2024: The German public takeover market in the first half of 2024 We consider the market trend to be positive. In particular, the number of #transactions has risen compared to the same period of last year. After adjusting for a special effect from the previous year, there is also an upward trend in the offer value. The first half of 2024 is characterised by many #large-cap transactions with values in the low to mid single-digit billion range, though no mega takeovers in the double-digit billion range were observed. In contrast, the mid-cap market was quiet with only two transactions. Further, we noticed that fairness opinions to assess the appropriateness of consideration were not obtained in connection with a relatively large number of reasoned statements. Our focus article in this issue of the report explores “The role of banks in public takeovers under the German Securities Acquisition and Takeover Act”. The importance of these institutions in the structuring, financing, settlement and valuation of public offers for both bidders and target companies cannot be overstated. We outline their most important functions within the legal context of the German Securities Acquisition and Takeover Act. Read more in our latest Public M&A Report, edited by @Volker Land and @Stephan Schulz: https://lnkd.in/gEKi9abS #PublicTakeovers #m&a #PrivateEquity

GCG’s Q4 2023 Private Equity Update provides an overview of the latest trends in the private equity market. Read the full update here: https://lnkd.in/g97Jw9mE Robert Coury #privateequity #quarterlyreport #industryupdates #valuation #ebitda #investmentbanking

ASIC's Focus on Private Equity The Australian Financial Review recently highlighted ASIC's increasing scrutiny on private equity. As the sector continues to grow, the regulatory landscape is evolving to ensure transparency and fairness. Key points from the article: - Greater regulatory oversight on private equity transactions - Stricter compliance requirements for disclosures and reporting - Enhanced measures to protect investors' interests and market integrity - Understanding the shift from IPOs to private markets and its implications It's essential for industry professionals to stay informed about these changes and adapt accordingly. Read the full article for more details: https://lnkd.in/gNuwPtRm #PrivateEquity #Regulation #ASIC #Finance #Investment #MarketTrends

As early as later this June, the UK's Financial Conduct Authority is set to approve the most significant overhaul of the #listingsystem in four decades. This transformative move aims to attract more companies to the London Stock Exchange by easing regulatory requirements. While these changes promise new opportunities, they also come with increased risks, as highlighted by the FCA's CEO recently. Could this be the boost London's struggling stock market needs, or are we opening the door to greater risks? 🔗 Read the full article here: https://lnkd.in/eEcg8rq9 #StockMarket #UKEconomy #FinancialRegulation #Investment #LondonStockExchange

Important News for UK investors! The Financial Conduct Authority (FCA) has flagged 16 unauthorized companies operating in the UK. These firms could be running investment scams. Check the complete list of companies: https://lnkd.in/ggabTQCe #forex #multiasset #multiplatform #success #liquidity #investing  #forexnews #forextrading #investment #broker #multiasset #finance

Cross-border M&A is looking ready for takeoff in 2024. Investment targets outside of the U.S. are offering a shot at expansion—even as geopolitical and regulatory risks present challenges for buyers. Read more: https://bit.ly/3HRRNcr #MiddleMarket #Growth #Network #Networking #Deals #Dealmaking #Dealmakers #InvestmentBank #InvestmentBanking #Invest #Investors #PrivateEquity #PE #Advisors #Equity

Asia based investors often ask whether they should pay attention to U.S. securities class actions if their investment focus is elsewhere. Even if they are not trading foreign issuers’ instruments on U.S. exchanges, our answer is “yes” for several reasons. Roughly 20% to 30% of U.S. shareholder class actions each year target companies headquartered outside the U.S. In the past 5 years, almost 100 Asia domiciled companies have been targeted with class actions in US courts. As a result, some non-U.S. shareholders can file claims both in the U.S. courts and locally, so long as they can establish a nexus between their trades and the forums for suit. Find out more via the link to a recent article by Financial Recovery Technologies' SVP Worldwide Litigation, Michael Lange. #securitieslitigation #classactions #hedgefunds #assetmanagers #assetowners

Big shifts in the #M&A world! As regulators tighten their grip, #investment_banks are getting creative with their paychecks. Imagine asking for your bonus upfront and a bigger slice if things go south? That's exactly what's happening. From 15% to 25% of breakup fees and hefty "announcement fees," banks are securing their wins early. But what's the game plan for businesses? Stay agile, expect higher costs, and brace for a bumpy ride. It's time to rethink strategies and maybe even renegotiate those advisor contracts. After all, in the world of high #finance, change is the only constant. #KPMGValueCreation #KPMGDeals #KPMGElevate #M&A #Finance #InvestmentBanks

FCA Proposes New Prospectus Rules for UK Public Market Admissions • The UK Financial Conduct Authority (FCA) has released draft prospectus rules for admissions to trading on UK public markets, seeking responses by October 18, 2024, with the aim of finalizing the rules by mid-2025. • The new rules will replace the current regime derived from the EU Prospectus Regulation and will form part of the UK's new regime for public offers and admissions to trading, based on the Public Offers and Admissions to Trading Regulations 2024 (POATRs). • Key aspects include requiring a prospectus for first-time admissions to UK regulated markets or primary multilateral trading facilities (MTFs) accessible to retail investors, with content requirements similar to current EU-based rules but changes in areas like protected forward-looking statements and sustainability information. • For secondary issues of shares already admitted to trading on a UK regulated market, a prospectus will only be required if the issue equals 75% or more of existing share capital in a 12-month period, a significant increase from the current 20% threshold. • Primary MTFs like AIM and the AQSE Growth Market will be able to set their own content and approval requirements for MTF admission prospectuses within the POATRs framework and the FCA's rules. • The FCA proposes retaining the concept of 'exemption documents' for takeovers involving equity securities to be admitted to trading and intends to carry over several exemptions from the Prospectus Regulation for further issues of shares already admitted to trading on a regulated market. For details, please see: https://lnkd.in/eiVhqQZ3

The UK’s new regime for public offers and admissions to trading is based on the Public Offers and Admissions to Trading Regulations 2024 (POATRs), which will replace the current regime derived from the EU Prospectus Regulation. Ahead of other key changes, the Financial Conduct Authority (FCA) is requesting for responses to its consultation by 18 October 2024, with a view to finalising new rules by the end of the first half of 2025. Read more in this new client alert from Delphine Currie, James Wilkinson, Kat McGriskin and Edmund Tyler below: #CapitalMarkets #Finance #Prospectus #IPO #London #Business