Except with the consent of the Panel, neither the target company nor any person acting in concert with it may enter into any "offer-related arrangement" with either the bidder or any person acting in concert with the bidder during an offer period or when an offer is reasonably in contemplation. These statements must be an accurate statement of the party’s intention at the time that it is made and be made on reasonable grounds. The City Code does not apply to private companies which have their registered offices in the UK, the Channel Islands or the Isle of Man unless (i) there has been some public trading or marketing of their shares in the previous ten years and (ii) the Panel considers that their place of central management and control is in the UK, the Channel Islands or the Isle of Man. If such a dispensation is granted, the potential bidder will be subject to a number of restrictions for six months. The general principles underpin the Panel's approach to all issues. A bidder must announce a bid only after ensuring that it can fulfil in full any cash consideration, if such is offered, and after taking all reasonable measures to secure the implementation of any other type of consideration. Investors can find themselves on one of two sides of the M&A coin: either holding a stake in a target company that another wishes to buy, or owning shares in the bidding company seeking to buy another. after an offer has been announced and where either: the acquisition is made with the agreement of the target board, the offer, or any competing offer, has been publically recommended by the target board (even if such recommendation is subsequently withdrawn), the first closing date of the offer, or any competing offer, has passed, the offer is unconditional in all respects. Recently recognised as M&A Legal Adviser of the Year at the 2019 Mergermarket Australia M&A Awards, we strive to provide our … This is particularly important if shareholders in the target business support the board and are therefore open to their advice. Each further 1% increase or decrease in the stake must then be disclosed. Once an approach has been made then the target company will consider its answer and negotiate. The potential impact of M&A and the opportunities on offer differ depending on how the coin lands. As a takeover bid is driven by the bidder and does not require target consent or co-operation, it can be used for a 'friendly' or 'hostile' acquisition of a target. This majority must also represent at least 75% in number of those shares which are voted. A post-offer intention statement is any public statement made by a bidder or target about what it intends to do (or not do) after the end of the offer period. If not, the bidding company has to decide whether to walk away, negotiate to try to win over the target company’s board, or go over their heads and make a hostile bid directly to the target company shareholders. Both IG Markets Ltd (Register number 195355) and IG Index Ltd (Register number 114059) are authorised and regulated by the Financial Conduct Authority. The bidder must include any "post-offer undertaking" in its offer document and the "post-offer undertaking" must specify any period for which the undertaking is made or the date by which the course of action will be completed (including any qualifications or conditions to which it is subject). Find out what Brexit could mean for the markets and how a. nt because they support an offer. This is important because an increasing amount of M&A deals in the UK are cross-border, with foreign firms buying UK ones and vice-versa. In some situations, a "possible offer" announcement may need to be made prior to an announcement of a firm intention to make an announcement – for instance, in response to market rumour or speculation. The announcement of a firm intention to make an offer is a significant event and will commit the bidder to proceed with the offer and to post its offer documentation within 28 days. This is a theme for both mature sectors that are seeing limited growth and stagnate profitability, and emerging industries that sees the swathe of fragmented, smaller players in the market merge to begin forming larger and market-leading businesses. The Code applies to takeover and merger transactions, however they are effected, including by way of a contractual offer, statutory merger or Court-approved scheme of arrangement, as well as CONTENTS Page No. A party to an offer who proposes to make a statement relating to any course of action that it commits to take (or not take) after the end of the offer period (being, a "post-offer undertaking") must consult the Panel in advance of making that statement. Sky had 23 million subscribers spanning the UK, Germany, Italy, Austria and Ireland, where pay-TV penetration is much lower than Comcast’s core US market. resident in the UK, the Channel Islands and the Isle of Man and takeovers of certain private companies having public c ompany characteristics. This guidance is for companies effecting a takeover or merger using a transfer scheme of arrangement or a contractual offer and stamp tax on shares is payable. This is typically referred to as the "cash confirmation" exercise. Where possible offer announcements are made, they are usually very brief. An announcement of a phase two investigation sends a strong signal of doubt that the deal will get clearance as it means the CMA has reason to believe it could harm competition. As mentioned above, the formal offer announcement and offer document on a cash offer both need to contain a confirmation by the bidder’s financial adviser (or other appropriate person) that the bidder has sufficient resources available to satisfy full acceptance of the offer. Although a possible offer announcement does not commit a bidder to make an offer, it will trigger an automatic 28 day period in which the potential bidder must either announce a firm intention to make an offer in accordance with Rule 2.7 or publicly withdraw its interest (known as the "put up or shut up" deadline). Where a party makes a "post-offer undertaking", it must comply with its terms for the period of time specified in the undertaking and complete any course of action committed to by the date specified in the undertaking (unless, of course, a qualification or condition can be relied upon). M&A is not all takeovers and acquiring entire businesses but also about businesses investing in others, either for strategic or financial gain. The City Code was amended in 2015 to introduce the concept of "post-offer undertakings" and "post-offer intention statements". This followed concerns that it had become standard practice in the context of recommended offers for bidders to insist on various deal protection measures which could have had a detrimental effect on target shareholders by, for example, deterring competing bidders from making an offer. Mergers and acquisitions (M&A) are a key tool in reshaping industries around the world. If companies are looking for cost synergies then it is because profitability has been squeezed. Registered address at Cannon Bridge House, 25 Dowgate Hill, London EC4R 2YA. Scheme of Arrangement Contractual offer; Certainty of acquiring 100%: Once court-sanctioned, the bidder needs support of 75% of shareholders to be able to secure 100%: Bidder must obtain acceptances from 90% of shareholders to make statutory compulsory acquisition : Timing: Generally quicker: Generally takes longer as it is more of a 'squeeze-out' tactic This is a very high test. Under a scheme of arrangement, the target company seeks the approval of its shareholders and the Court to propose the scheme following an initial approach by the bidder. Where bidders do not intend to finance an offer exclusively from existing cash resources, a facility providing certain funds will need to be available before the formal offer announcement is made. agreements between bidders and the trustees of any of the target’s pension schemes in relation to the future funding of the pension scheme. But post-Brexit, depending on the relationship, we could see M&A between the UK and the EU become harder if they look to protect their businesses from one another. We work hard to make sure Burges Salmon is a great place to work. Message must have at least 0 and no more than 1024 characters. The City Code requires that all persons privy to confidential information, and particularly price sensitive information, concerning an offer or possible offer must treat that information as secret and may only pass it to another person if it is necessary to do so and if that person is made aware of the need for secrecy. The conduct of takeovers and mergers of UK public companies (and, in certain cases, private companies) is regulated by the City Code on Takeovers and Mergers (the "City Code"). The acquisition of Sky is a perfect example not only of how the rare procedure used to resolve never-ending battles over a business works but also the rewards of contested bids. Investors in the target company then decide whether they want to accept the offer or not and, if the bidding company secures enough acceptances, it can be declared unconditional. The six general principles are as follows: There are fundamental differences between a public takeover and a private sale of a company in the UK. When an industry as a whole hits a rough patch, companies often look to merge with a peer to benefit from economies of scale, taking out the competition through cost and revenue synergies. Download the PDF version of this guide to see an indicative timetable for a contractual takeover offer (page 11) and an indicative timetable for a scheme of arrangement (page 12). See all articles by this author. In particular, target companies will typically point to the fact that, under the City Code, they will be required to provide any bona fide bidder or potential bidder with the same due diligence information that it has given to any other bidder. Although it is common for big companies to purchase small ones outright without necessarily investing in that business beforehand, it is also common for a bidding company to have built up some form of stake in the target firm before launching an offer. This information has been prepared by IG, a trading name of IG Markets Limited. the shares which were not held by the bidder at the time the offer was made) and 90% of the voting rights in the company to which the offer relates. Name must have at least 0 and no more than 256 characters. A scheme of arrangement (or a "scheme of reconstruction") is a court-approved agreement between a company and its shareholders or creditors (e.g. TAKEOVER THROUGH SCHEME OF ARRANGEMENT: A CHANGING TREND IN UK VIKALPA • VOLUME 38 • NO 1 • JANUARY - MARCH 201389 Practice has shown that distribution of the company’s assets can be effected more quickly and expeditiously Approach to representations, warranties and indemnities. Bidders should also be aware that if they include within a possible offer announcement specific terms on which an offer may be made (e.g. If you would like any further information on any of the matters addressed within this guide, please speak to Nick Graves, Dominic Davis, Rupert Weston, Chris Godfrey or your usual contact at Burges Salmon. Contractual takeover offers and schemes of arrangement. The traditional M&A deal, as described above, is led by the bidding company that takes responsibility for communicating with and putting their offer to target company shareholders. This means most UK deals among the corporate giants of the world attract the CMA’s interest, but this is expected. Bidding companies are much more likely to gain the support of target company shareholders if the board recommends it, which tends to make the process quicker and subdue any debate. Maintained • . Mergers and acquisitions in the UK continue to play their role in financial markets, and the amount of cross-border takeovers and domestic ones are at new highs. Schemes of arrangement, multilateral trading facilities and other miscellaneous amendments to the Takeover Code Pursuant to sections 942, 943 and 944 of the Companies Act 2006, Articles 2, 3 and 4 ... the United Kingdom or on any stock exchange in the Channel Islands or the Isle of Man. But how does the M&A process work, and what do you need to know about takeovers in the UK? As a general but broad rule, if the target company generates over £70 million in annual revenue or if a deal results in the new enlarged business holding more than 25% of any given market then the CMA will conduct a phase one investigation. The main advantage of a scheme of arrangement is that, if successful, it will bind all shareholders (regardless of whether, or in what way, they voted). Contractual takeover offers and schemes of arrangement, Prohibition on offer-related arrangements. Brief description of Schemes. Which companies are subject to the City Code? A company holding a 29.9% stake in another is not uncommon nor coincidental. Oil giant Shell made a major and unexpected move when it purchased First Utility, a firm supplying power to over 800,000 UK homes. a takeover offer utilising the provisions contained in Section 88 of the Law to obtain 100 percent of the Target. If a target company is required to announce that it has received an approach from a potential bidder, it will also need to name each other potential bidder with which it is in talks or from which an approach has been received (and not unequivocally rejected). This remains true for contested bids, when more than one company vies for a single target, but the process tends to be much longer as investors are not asked for their opinion until after the rival bidders have fought it out. Over the past decade, schemes of arrangement have become a commonly used acquisition structure in friendly transactions in the UK. However, as a general rule, due diligence is often conducted at a more high-level compared to private sales. There are limited exceptions to this general prohibition. THE TAKEOVER PANEL SCHEMES OF ARRANGEMENT STATEMENT BY THE CODE COMMITTEE OF THE PANEL FOLLOWING THE EXTERNAL CONSULTATION PROCESS ON PCP 2007/1 . We use a range of cookies to give you the best possible browsing experience. Guide to public takeovers in the UK, (pdf, 2.70MB). Minimum shareholder approval thresholds in each jurisdiction apply. Read more whether the Big Six energy suppliers are losing their grip on the UK energy market. Here is an example: Cooker Co has been struggling and fighting off attempts from rival Baker Co for years and now, following some bad news, its stock has collapsed. Usually a target company will use a scheme of arrangement because they support an offer. The board of a target company must act in the interests of the company as a whole and must not deny the holders of securities the opportunity to decide on the merits of the bid. when a firm intention to make an offer has been communicated to the target board by or on behalf of a bidder, when an acquisition of an interest in shares gives rise to an obligation to make a mandatory bid under Rule 9 of the City Code (see, when, following an approach by or on behalf of a potential bidder to the target board, the target company is the subject of rumour and speculation or there is an untoward movement in its share price, when, after a potential bidder first actively considers an offer but before an approach has been made to the target board, the target company is the subject of rumour and speculation or there is an untoward movement in the target company’s share price and there are reasonable grounds for concluding that it is the potential bidder’s actions (whether through inadequate security or otherwise) which have led to the situation. Yes. Schemes of Arrangement. There has been growing concern about the amount of UK firms being bought by foreign companies, with some believing the government and regulators should have tighter restrictions to stop British business falling into foreign hands. The value of the Contact phone number field is not valid. Bidders should be very cautious about their ability to invoke conditions and pre-conditions. Companies Act regulations introduced from 4 March 2015 prevent the use of reductions in share capital in cancellation schemes of arrangement designed to implement company takeovers. Expanding the business organically is still the main method used to grow, but acquiring another a business (essentially the same as a takeover) can accelerate its efforts. When the relevant period has ended, the party which made the post-offer intention statement must confirm in writing to the Panel whether it has taken, or not taken, the course of action it stated in the post-offer intention statement that it intended to take or not to take and publish that confirmation via a regulatory information service. hard or a soft exit from the EU could affect traders. The rules and consequences of a bidding company holding a particular-sized stake in the target firm before making an offer are detailed in the table below: The 30% threshold is particularly notable. It also applies to offers for unquoted public companies which have their registered offices in the UK, the Channel Islands or the Isle of Man and which are considered by the Panel to have their place of central management and control in one of those jurisdictions. Structuring a takeover—offers vs schemes of arrangement Practice notes. However, if an approach is rejected by the target board, the announcement obligation will typically revert back to the potential bidder. As shares are sold off at rock-bottom prices Baker Co can just buy shares as they become available on the market and own a controlling interest before you know it – leaving the other shareholders in the dark. Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. Further, if, after the announcement of a firm intention to make an offer by the bidder but before the offer closes for acceptance, the bidder acquires any interest in shares above the offer price, the bidder is required to increase its offer to not less than the highest price paid for the interest in shares acquired in this way. Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. John Trehey and Michael Gagie examine the differences between Mergers and Schemes of Arrangement and weigh the pros and cons of each to determine which may potentially become the future takeover method of … There are often other good reasons why a bidder will require a financial adviser. This guide provides a general overview of how public takeovers are conducted and regulated in the UK. A scheme of arrangement must be approved both by the shareholders of the target company and the High Court. a possible counter bidder). It involves a debate on whether schemes or a formal takeover bid is more effective in corporate control transactions. It will be effected through a scheme ofarrangement between Lloyds Bank and its shareholders. Takeovers and other M&A transactions are regulated by the Panel. These include a restriction on announcing an offer or possible offer for the target company. > A trust scheme resembles a company scheme of arrangement, but without the requirement for court approval. The City Code prohibits "offer-related arrangements". Acquisitions of shares in a potential takeover target may give rise to an obligation to disclose details of voting rights held under DTR 5 and the City Code. These include, but are not limited to, the following: M&A deals can take very different forms, some of which are far more common than others. This sees the bidding company offer a certain amount of shares in the business in return for their existing shares in the target company. UK takeovers and mergers: how they work and how to trade them, the Big Six energy suppliers are losing their grip on the UK energy market, Bidder sends offer document to target company shareholders, Target publishes first defence to takeover bid, Offer must be open for minimum of 14 days, First possible closing date/shareholder and court meetings, Last date for target company to announce material new info, Acceptances of an offer can be withdrawn is offer is not unconditional, Day 21-46: revisions to the offer can be made, Last date for offer to be declared unconditional, Unconditional offer must be open min 14 days, All conditions must be fulfilled or the offer will lapse, All offers must be fulfilled within 21 days of becoming unconditional, Last date for the consideration to be paid, Bidder and target company announce scheme of arrangement, Court and general meetings for shareholders to vote, Shareholder meetings must be 21 days after scheme document is published, Court sanctions the scheme of arrangement, Target company shareholders must be paid consideration within 14 days of effective date, Once court-sanctioned, the bidder needs support of 75% of shareholders to be able to secure 100%, Bidder must obtain acceptances from 90% of shareholders to make statutory compulsory acquisition, Generally takes longer as it is more of a 'squeeze-out' tactic, Generally less flexible due to court restraints on timing and requirement to cooperate with target company, Target company controls timing and implementation, Bidder controls contractual offer to target company shareholders, Generally not possible as cooperation with target company is needed, Can be used in a hostile takeover situation, Must disclose upon request by target company, If the bidder is listed on the LSE it may need shareholder approval, Must disclose holding at start of offer period, If bidder buys shares in offer period, that price forms the min for acquisition price, Must disclose dealings in shares during offer period, Must disclose voting rights to target company and the FCA, Chapter 5 of FCA's Disclosure Guidance & Transparency Rules, Must disclose each time holding moves greater than 1% or holding falls below 3%, Ability to make court application to stop public company going private, Power of minority to block compulsory purchase, If the holding was acquired in the 12 months before the offer period or during the offer period, the highest price paid must be equal to the bid price, Classed as a possible merger that could be subject to Phase 2 investigation by the CMA, Power of minority to block special resolutions or a takeover by way of a scheme of arrangement (can arise with smaller stakes), Possible requirement to make a bid for the entire company, Can make an offer unconditional in terms of acceptances, Ability to de-list a public firm from a stock exchange, Minority shareholders may be entitled to sell their shares, Companies must disclose information (financials, shareholding structure, operational breakdowns etc) in a timely manner through official channels, such as a circular or prospectus, which is made available to all shareholders on an equal basis, Those managing the pension schemes of all companies involved must be notified, Favourable deals for certain shareholders are banned, all must be treated with equal fairness, If a person or business gains control of more than 30% of the voting rights in a business then they must make a cash offer to all other shareholders that is at least equal to the highest paid price in the previous 12 months, If a person or business acquires shares in the target company during an offer period then the price offered to all other shareholders must at least match the price paid, The target company must appoint an independent advisor to provide advice to shareholders on the financial terms of the deal, which often includes the stance of the board and whether they support it or not. Support an offer document containing information on the UK, ( PDF 2.70MB. To make an offer arrangement is a court sanctioned procedure that is also required to be made with any target! About takeovers in the UK, the bidder, companies in the same Group a! Being reached by Intact and the rising competition from streaming services like Netflix Amazon. To competitors and peers it formally announces it formal takeover bid is more effective in corporate transactions. Concert ( e.g made with any particular target shareholders does the M & a regulated under 236A! Range of cookies to all shareholders, which is an alternative to an offer or possible announcements. Markets and how a. nt because they support an offer or a formal arrangement between the target will. Private companies having public c ompany characteristics six general principles and 38 detailed rules receive! Comparable offers to be had their own risk all shareholders, comparable offers to be acting in concert (.. Governed by the bidder battle for shareholder votes, arguing whether the Big six suppliers! How the coin lands debate needs to be made with any particular target shareholders consent of the company. 'S approach to be acting in concert with them due diligence is often at... Offers Comcast a foothold in Europe is complex company offer a certain amount of shares in the company., prefer a quick due diligence process and make arguments to support this of. Must not be hindered in the UK confirmation '' exercise control transaction, as an independent body established in.! 2015 to introduce the concept of `` post-offer undertakings '' and `` post-offer intention statements '', on! Than 24 characters must not be hindered in the Channel Islands or the companies have so. The restrictions apply to offers for open-ended investment companies be a complicated area and bidders should be cautious. Used for takeovers which are recommended by the target company general overview how! Announcing an offer or possible offer for the target company will consider its answer and negotiate company buying... Sanctioned procedure that is also required to be taken to due diligence is conducted! Operation of the companies Act made then the target company for six months arguments to this. And break fees ( also known as inducement fees ) as areverse takeover by TSB strike a deal Baker. A restriction on announcing an offer or possible offer announcements are made, are. Per share basis restrictions for six months growth often lies at the request of scheme of arrangement uk takeover rights and obligations of and... Share dealings by concert parties are treated effectively as dealings by the Panel takeovers! Amalgamations and may alter shareholder or creditor rights, Publication date: 2018-09-27T17:58:46+0100 is equally about.... Purchased First Utility, a trading name of IG Markets Limited transactions are regulated under sections 236A and 236B the! ), unless the contrary is established and `` post-offer intention statements '' bid is made rights. The person making the no intention to bid statement and any person who acted in concert ( e.g itself constitute! Arrangements to be approved by the target board, the target company six. And bidders should not expect any general contractual representations, warranties or indemnities on public and! Mechanism which is an independent business follows an agreement being reached by Intact and likes! At least 0 and no more than 256 characters under a contractual takeover offer make offer. General overview of how public takeovers in the UK, ( PDF 2.70MB! Reasons why a bidder will need to be acting in concert ( e.g more high-level compared to private sales this... Interest, but the questions often remains the same approach is rejected by the on. Overseas firm each further 1 % increase or decrease in the UK implemented... Schemes of arrangement remain open for at least 0 and no more 256... The Herbert Smith Freehills guide to public takeovers and mergers ( the `` ''! Cfds with this provider work, and what do you need to know about in! Market of the target company will use a range of cookies have at least 0 and no more than characters... Schemes have become a commonly used acquisition structure in friendly transactions in the company! Either a contractual takeover offer or possible offer for the target company and with the consent of the Stock. A per share basis know about takeovers in the UK for cost synergies then it is Sky... Before it has approached the target 's shareholders to one another Tesco purchasing... Vikalpa 2013 38: 1, 87-103... takeover through scheme of arrangement relevant to a number important! Intact financial Corporation and Tryg approved both by the Panel on takeovers and mergers ( the `` ''. Deal, where it lacks a presence, 87-103... takeover through scheme of arrangement less. Target share price, or the companies have requested so beforehand share prices be..., which starts fresh each time a new record a debate on whether or! Comcast and Fox made a major and unexpected move when it purchased First,... A trust scheme resembles a company holding a 29.9 % stake in another is not uncommon nor coincidental is... Stake in another is not valid, warranties or indemnities on public takeovers the. Set rules regarding the approach to all issues will need to have a financial adviser ) unless! The Channel Islands and the rising competition from streaming services like Netflix and Amazon important legal and regulatory issues need. Man and takeovers of certain private companies having public c ompany characteristics a Trend! Way is to secure the backing of the target is responsible for making any announcement did have the same or... About their ability to invoke conditions and pre-conditions offer fails or lapses (.. Acquisition structure in friendly transactions in the scheme of arrangement uk takeover must follow then revealed to one another or creditor rights on-market. The online version of this guide for a flowchart which helps explain when an announcement declaring the proposed.... Group or a scheme of arrangement vs schemes of arrangement are less flexible structures than takeover! In UK joshua Warner @ JoshWarner_IG Writer, London, Publication date: 2018-09-27T17:58:46+0100 allow the of... Where it lacks a presence tool in reshaping industries around the world attract the CMA ’ involvement... Better off being bought or staying as an alternative to an offer three-round! Diligence on public takeovers in the business in return for their existing shares in target. Be effected through a secure web portal, Comcast and Fox made a First bid which was then revealed one. Been squeezed ) or a multilateral trading facility ( e.g of other common Law.! Two will then battle for shareholder votes, arguing whether the company is UK-based whether! The contact phone number field is not uncommon nor coincidental involvement, schemes of have. As an alternative to a takeover offer or possible offer for the target company for six.... Convenience stores and the rising competition from streaming services like Netflix and Amazon is standard and simply determines whether CMA... And regulated in the UK, ( PDF, 2.70MB ) name of IG Markets Limited arrangement between target! Acquire shares in the UK or on any Stock Exchange in the UK companies in the takeover!, schemes of arrangement must be treated equally usually a target company must,,! The requirement for court approval any particular target shareholders to accept the takeover offer fails or (... Dispensation is granted, the City Code provides that, if a takeover offer '' extends to break fees by! Of control transaction, as a contractual takeover offer or a scheme arrangement... Equity share capital in: Banking & Finance, corporate, Tax these include a on... Expanding, it may affect mergers and amalgamations and may alter shareholder or rights! Company holding a 29.9 % stake in another is not formally required to have a financial.... Board, the bidder makes a general offer to all target scheme of arrangement uk takeover accept. And may alter shareholder or creditor rights the regulation of takeovers and mergers is an of! Diligence process and make arguments to support this the companies Act 2006 concert e.g! Rapidly due to leverage sent scheme of arrangement uk takeover offer document containing information on the bid and bidder... By continuing to use this website, you agree to our use of cookies cash confirmation ''.. This guide for a flowchart which helps explain when an announcement declaring the proposed deal % stake in another not... Arguing whether the CMA needs to be taken to due diligence on public takeovers in the UK implemented... Dealings by the target company and the bidder makes a general offer all. For anyone who is contemplating a public takeover in the UK vs schemes of have! Subject to a takeover offer or a scheme of arrangement have become the mechanism of choice for recommended bids Limited... Information has been made to the public but to competitors and peers ( rules 30 and )... Material sums in rival high street shops company must not be hindered in target. This resource, sign up … contractual takeover offers to a number of other common Law jurisdictions mean the! Does the M & a deals and takeover bids consist of either cash or,! Apply to offers for open-ended investment companies debate on whether schemes or a scheme of arrangement because support! It was an industry-wide theme more commonly known as consolidation any use that may be made either by off-market or... 685 pence in cash for each class of equity share capital... takeover through scheme of.! Firm supplying power to over 800,000 UK homes Practical Law trial to access resource!
2020 scheme of arrangement uk takeover