ARTICLE
29 September 2025

Navigating Public M&A In The UK: Our Top Tips

KL
Herbert Smith Freehills Kramer LLP

Contributor

Herbert Smith Freehills Kramer is a world-leading global law firm, where our ambition is to help you achieve your goals. Exceptional client service and the pursuit of excellence are at our core. We invest in and care about our client relationships, which is why so many are longstanding. We enjoy breaking new ground, as we have for over 170 years. As a fully integrated transatlantic and transpacific firm, we are where you need us to be. Our footprint is extensive and committed across the world’s largest markets, key financial centres and major growth hubs. At our best tackling complexity and navigating change, we work alongside you on demanding litigation, exacting regulatory work and complex public and private market transactions. We are recognised as leading in these areas. We are immersed in the sectors and challenges that impact you. We are recognised as standing apart in energy, infrastructure and resources. And we’re focused on areas of growth that affect every business across the world.
Public M&A in the UK operates in a highly regulated and uniquely challenging environment. Success often depends on understanding the nuances of the UK Takeover Code, anticipating shareholder dynamics...
United Kingdom Corporate/Commercial Law

Public M&A in the UK operates in a highly regulated and uniquely challenging environment. Success often depends on understanding the nuances of the UK Takeover Code, anticipating shareholder dynamics, and crafting strategies that align with both regulatory requirements and commercial objectives.

Top tips for global investors

The UK remains a key market for global investors, with many takeover bids involving financial acquirers or consortium deals. Beyond leading a bid, investors can play a critical secondary role -joining a consortium or providing financing.

In this video, Robert Moore, Laura Ackroyd and Mark Bardell cover key considerations, from regulatory requirements under the UK Takeover Code to structuring funding commitments and managing risks.

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Top tips for US bidders

Bidding in the UK presents unique challenges for US bidders, with strict regulations designed to ensure transparency and fairness for all shareholders. From the "put-up or shut-up" regime to the critical role of the UK Takeover Panel, Mark Bardell, Caroline Rae and Alex Kay highlight the key elements every bidder needs to understand before entering the UK market. Discover how to navigate this highly regulated environment, avoid common pitfalls, and position your bid for success.

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Top tips for handling shareholders and bids

Shareholder dynamics in UK takeover deals are shifting, with investors becoming more vocal - even when a target board recommends an offer. How can bidders and targets navigate resistance and secure support?

In this video, Mark Bardell and Charles Steward explore key considerations for handling shareholder challenges and keeping a deal on track.

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Top five tips for P2Ps

After exploring how companies can defend against unwelcome takeovers in the video below, we now shift focus to the other side of the equation - how financial sponsors can successfully take UK public companies private. With attractive deal metrics in the current market, P2P transactions remain a compelling opportunity but executing them requires careful navigation of the regulatory framework.

In this video, Laura Ackroyd, Mark Bardell and Joseph Dennis share five key tips on managing leak risks, engaging shareholders, structuring rollovers, handling management incentives, and ensuring compliance with information-sharing rules.

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Top tips for defending against unwelcome approaches

The best defence against an unwelcome takeover is preparation. In this video, Robert Moore, Caroline Rae, and Alex Kay share key strategies - from assessing potential bidders and engaging shareholders to leveraging regulatory tools and strategic defences. Hear how a well-prepared board can respond decisively and protect shareholder value.

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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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