M&A Weekly Update: controlling shareholder Listing Rule changes; Pfizer’s hostile takeover bid for AstraZeneca; and more
The Financial Conduct Authority (FCA) has published a final version of its changes to the UK’s Listing Rules, regulating controlling shareholders of premium listed companies. The new rules will come into effect on 16 May. The new rules require premium listed companies with a controlling shareholder — broadly a shareholder who, with concert parties, can exercise 30 per cent or more of the votes at general meetings (a controller) — to:
- enter into a documented agreement ensuring the company is able to operate independently of the controller;
- have an additional separate resolution of the independent shareholders approving the election of independent directors; and
- in addition to the existing requirement for shareholder approval to cancel a listing, require the approval of a majority of the independent shareholders…
Click on the link below to read the rest of the Macfarlanes briefing.
News from The Lawyer
Briefings from Macfarlanes
M&A Weekly Update: forced sale of shares does not qualify as ‘an offer to the public’ requiring publication of prospectus; and more
Macfarlanes has released its M&A Weekly Update for the period 27 June to 3 July 2014.
Investment Management Update — 4 July 2014: FCA Handbook Notice 13; ESMA updates Q&As on AIFMD; and more
Macfarlanes has released the 4 July 2014 issue of its Investment Management Update.
Analysis from The Lawyer
As the equity capital markets rocketed back into favour and global M&A saw at least a partial return to form, there have been some rich pickings for The Lawyer’s Corporate Team of the Year award shortlisted firms in 2014.
Footie and telecoms dominate our regular round-up of recent M&A activity, as the threat of rising interest rates kick-started activity among organisations.