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UK Public M&A Update2015 Review
ContentsIntroduction 1
Overview 2
News digest for Q4 8
Practice & Panel Statements 12
Ashurst contacts 13
Appendix 1: Announced UK takeover bids 14 (1 January to 31 December 2015)
1
IntroductionHappy New Year and welcome to Ashurst’s annual Public M&A Update - 2015 Review.As with our previous Updates, the Overview provides an analysis of trends in the public M&A market in the UK during the year. Appendix 1 contains a summary of the key features of the firm offer announcements we have reviewed in 2015.
The Q4 2015 Digest summarises recent news and developments from the UK Takeover Panel (the Panel) including, among other things, the key changes to the Takeover Code (the Code)following consultation in relation to matters described in PCP 2015/1 (Dividends), PCP 2015/2 (Restrictions and suspensions of voting rights) and PCP 2015/3 (Additional presumptions to the definition of acting in concert) which took effect on 23 November 2015.
We hope you enjoy reading this Update and, as always, we would welcome your feedback.
Best wishes
The Ashurst Public M&A Team
2
Overview2015 2014 2013
Announced bids 55 48 41
Recommended 51 41 34
Schemes of arrangement 36 31 20
Average of bid premia (% unweighted) 43.6 32.1 54.5
Deal volume2015 saw a year-on-year increase in UK bid activity levels when compared to 2014 with 55 firm offers (in excess of £1m) having been announced (2014 - 47). There were 32 firm offers for Main Market targets (a 33% increase on the 24 Main Market bids in 2014), 19 firm bids for AIM targets (a 21% reduction compared to 24 in 2014), one bid for a PLUS Market target and three unlisted target companies.
A summary of the key features of each announced offer that we reviewed in 2015 is set out in the table in the Appendix.
Deal valuesIn a year when global M&A activity hit its highest value since the credit crunch, it will come as no surprise that UK deal values were considerably higher in 2015 compared to levels in 2014 with 33 (25) firm offers having a deal value in excess of £100m of which 14 (9) offers exceeded £1bn. Among other mandates, Ashurst LLP advised Domino Printing Services on its £1.03bn acquisition by Brother Industries and advised Merrill Lynch, as financial adviser to Royal Dutch Shell, in connection with Shell’s £47bn offer for BG Group.
Main Market
AIM
PLUS Market
Unlisted
Trading status of target company
3219
1 3
3
Bid considerationDuring 2015, cash was the principal type of consideration offered to target shareholders, with 37 of the 55 offers (67%) being financed solely in this way. Of the six bids offering a combination of cash and shares, four included a mix and match facility. No contingent value rights were offered in 2015. The table below sets out the composition of bid consideration:
Board recommendationOf the 55 offers reviewed, 51 were recommended by the target board at the time of the Rule 2.7 announcement, although on one of these deals (Capita’s £412m offer for Xchanging in connection with which Ashurst is advising the target) the board’s recommendation was withdrawn following the announcement of a higher competing offer (Computer Sciences Corporation’s £480m offer for Xchanging). There were three hostile bids (Kerimov’s US$9bn offer for Polyus Gold International, the £70.8m offer by Cathexis Holdings for ISG and Bentley Park’s £43.8m offer for Inspired Capital) and one unilateral bid which became recommended following an increased offer (Asia Coal Energy Ventures £134.9m bid for Asia Resource Minerals). No recommendation was given by the target board in connection with Philex Petroleum Corporation’s £7.11m offer for Forum Energy (note that this deal does not appear in the Appendix as it involved a consolidation of majority control). A summary is set out below:
Cash
Cash and shares
Cash and loan notes
Cash with partial share alternatives
Shares
Shares with partial cash alternative
Bid consideration
376
3
3
15
Board recommendation
Board recommendation following increased offer
Hostile
Hostile - initially recommended
No recommendation
Recommendation status3
50
1 11
4
Bid premiaBid premia (on an unweighted basis) on all announced deals was up in 2015 to 43.6% from 32.1% in 2014, however, the unweighted premia in 2015 for bids in excess of £250m was down from 37.4% in 2014 to 32.6% in 2015.
Bid structureAs anticipated, schemes of arrangement have remained the structure of choice for recommended bids in 2015. 36 of the firms offers announced in 2015 were structured as a scheme and 19 as a contractual takeover offer. This confirms our prediction that the prohibition on the use of cancellation schemes to implement takeovers (with the associated loss of the stamp duty saving, where relevant) which the Government brought into effect in March 2015 would not impact on the number of bids structured as schemes.
There remain a number of significant benefits to using a scheme, including:
• the lower voting thresholds applicable on schemes of arrangement (a majority in number representing 75% in value), lowering deal execution risk;
• the certainty of outcome - once the court has sanctioned the scheme, all shareholders are bound whether they voted for or against the scheme;
• potentially greater flexibility around the timetable - the strict Code timetable does not apply on a scheme thereby accommodating waiting times for obtaining regulatory clearances;
• the potential for shareholders to receive a fixed number shares in the bidder without the need for a prospectus in the UK; and
• the ability of US shareholders to receive shares in the bidder without the difficulties associated with US securities laws, by relying on the exemption in section 3(a)(10) of the US Securities Act of 1933.
This year has seen some complex merger structures, for example, the Anheuser-Busch InBev/SABMiller three stage merger process involving (i) a UK scheme of arrangement; (ii) a Belgian tender offer; and (iii) a Belgian reverse merger and the Liberty Global/Cable & Wireless Communications two stage process involving (a) a UK scheme of arrangement; and (b) an EU Cross-border merger by formation of a newco (UK/Dutch law).
60
50
40
30
20
10
02013 2014 2015
Unweighted - all deals
Unweighted - deals over £250m
Bid permia
5
Pre-conditional offersSix high value firm offers involving corporate buyers have included pre-conditions to posting reflecting significant antitrust/regulatory hurdles. Where a pre-conditional firm offer announcement is made, the bidder is only required to post the offer/scheme document once the pre-conditions have been satisfied. There were no pre-conditional firm offers in 2014.
The following table summarises the status of these pre-conditional offers as at 31 December 2015:
Deal Date of Rule 2.7 annc't
Status of regulatory clearances
Date of scheme document
Groupe Fnac's £558m bid for Darty
20 Nov 2015 Pending
Anheuser-Busch InBev £71bn bid for SABMiller
11 Nov 2015 Pending
Just Retirement Group plc £668.5m merger with Partnership Assurance Group
11 Aug 2015 CMA approval - 28 Oct 2015
Posted 5 Nov 2015
Equinix's offer £2.35bn bid for Telecity Group
29 May 2015 European Commission clearance given on 13 Nov 2015
Posted 24 Nov 2015
Royal Dutch Shell £47bn offer for BG Group
8 April 2015 Annc't of satisfaction of all antitrust/foreign investment clearances on 21 Dec 2015
Posted 22 Dec 2015
Ball Corporation £4.3bn bid for Rexam PLC
19 Feb 2015 Pending
Private-equity backed bidsThere were 14 (9) private equity-backed firm offers during 2015 (representing a 56%) increase on 2014, including Steel Partners offer for API Group (where Ashurst acted for Steel Partners) and Lone Star’s bid for Quintain Estates and Development (where Ashurst acted for Morgan Stanley, as financial adviser to Lone Star, on the cash confirmation).
6
Break feesBreak fees
There were no break fees in favour of a bidder during 2015 (whether formal sale, white knight, financial distress or shareholder).
Reverse break fees
Reflecting the complex regulatory issues faced by many corporate bidders during 2015 (referred to in Pre-conditional offers above), it is no surprise that there has been a significant increase in the use of reverse break fees in favour of target companies to protect them during elongated bid timetables.
Of the 11 bids on which reverse break fees were agreed, eight included failure to obtain necessary antitrust/regulatory clearances as a trigger for the payment of the break fee. This compares with only two reverse break fees in 2014 (both of which included an antitrust/regulatory clearance trigger).
Irrevocable undertakingsIrrevocable commitments were obtained on 48 bids of the 51 recommended firm offers. On 34 (71%) of those deals, the bidder obtained irrevocables from non-director shareholders.
Matching or topping rights: non-director shareholders
Irrevocables sought from non-director shareholders on 12 of the 34 bids (35%) included a matching or topping right. This equates to 22% of all firm offers announced in 2015 (compared to 23% in 2014).
Non-solicitation and notification undertakings: non-director shareholders
Five of the 34 deals (15%) on which non-director shareholder irrevocable commitments were obtained included a non-solicitation undertaking. This equates to 9.1% of all firm offers announced in 2015 (compared to 17% in 2014). On three of those deals the non-director shareholders also gave notification undertakings. The notification undertaking requires the shareholder to notify the bidder if it becomes aware of any approach which may lead to an offer for the target. Shareholders need to be very careful about giving this kind of undertaking and should include a carve-out from the requirement where it has received the information after being wall-crossed by a competing bidder. As part of the wall crossing procedures, the shareholder will have given confidentiality undertakings in connection with the information to be disclosed to it. In such circumstances the shareholder should not disclose information pursuant to the notification right as this would breach the shareholder’s confidentiality undertaking and could constitute improper disclosure under the market abuse regime.
7
Formal sale processesCompanies continue to use the formal sale process (introduced by the Panel in September 2011) but with limited success. 12 (9) formal sale announcements were made during 2015, half of which involved companies in the oil & gas and mining sectors respectively. Only one formal sale resulted in a firm offer (Volution Group’s £9.25m bid for Energy Technique).
A summary of the outcome of formal sale processes in 2015 is set out below:
Terminated without an offer
Firm offer announced
Formal sale process ongoing
Outcome of formal sale process - 2015
4
7
1
8
News digest (Q4 2015)Q4 2015 saw the release of three Panel response statements following consultation on PCP 2015/1 (Dividends), PCP 2015/2 (Restrictions and suspensions on voting rights) and PCP 2015/3 (Additional presumptions to the definition of acting in concert). The Panel Executive published two Practice Statements - Practice Statement No 29 (Rule 21.2 – Offer-related arrangements) and Practice Statement No 30 (Rule 20.2 – Information required for the purpose of obtaining regulatory consents).
DividendsOn 23 October 2015, the Code Committee published RS 2015/1 following consultation on PCP 2015/1. The amendments proposed in PCP 2015/1 clarified the application of existing provisions of the Code to ensure greater alignment of the Code with the existing practice of the Panel. For more background, see the Ashurst UK Public M&A Update - Q2 2015 Review.
The Code Committee amended its proposals with regard to statements on dividends and instead of giving the bidder the discretion to make a statement regarding the treatment of dividends paid by a target to its shareholders in a possible offer announcement (which includes the terms of the offer), the Rule 2.7 announcement and the offer document, the bidder is obliged to state that it has the right to reduce the offer consideration by the amount of any dividend (or other distribution) which is paid or becomes payable by the target to its shareholders, unless, and to the extent that, the bidder expressly states that target shareholders are entitled to receive all or part of a specified dividend in addition to the offer consideration. This requirement applies not only to dividends but also to other distributions made by the target. The Panel must be consulted if the offer consideration is to be reduced by the value of a non-cash distribution.
Among other changes, the Code has been amended to clarify how dividends are treated in calculating the minimum offer value which may be established by the acquisition of interests in target by a bidder and its concert parties and how a bidder should deal with a distribution following a “no increase” statement.
The Executive will no longer be publishing the Practice Statement proposed in PCP 2015/1.
The amendments took effect on 23 November 2015.
The full Response Statement can be viewed at:http://www.thetakeoverpanel.org.uk/wp-content/uploads/2008/11/RS201501.pdf
Restrictions and suspensions on voting rightsOn 23 October 2015, the Code Committee published RS 2015/2 following consultation on PCP 2015/2. The amendments to the definition of “voting rights” make clear that shares (other than treasury shares) which are subject to a restriction on the exercise of voting rights, or to a suspension of voting rights, should nevertheless be regarded for the purposes of the Code as having voting rights which are currently exercisable at a general meeting. For more background, see the Ashurst UK Public M&A Update – Q3 2015 Review.
The Code Committee’s original proposals in PCP 2015/2 were incorporated into the Code with only very minor modifications and the changes took effect on 23 November 2015.
The full Response Statement can be viewed at:http://www.thetakeoverpanel.org.uk/wp-content/uploads/2008/11/RS201502.pdf
9
Additional presumptions to the definition of acting in concert
On 23 October 2015, the Code Committee published RS 2015/3 following consultation on PCP 2015/3. The amendments proposed in PCP 2015/3 codified existing Panel practice with regard to three additional presumptions of concertedness. For more background, see the Ashurst UK Public M&A Update – Q3 2015 Review.
The following three new presumptions to the definition of “acting in concert” have been incorporated into the Code:
• a person, the person’s close relatives, and the related trusts of any of them, all with each other;
• the close relatives of a founder of a company to which the Code applies, their close relatives, and the related trusts of any of them, all with each other; and
• shareholders of a private company who sell their shares in that company in consideration for the issue of new shares in a company to which the Code applies, or who, following the re-registration of that company as a public company in connection with an IPO or otherwise, become shareholders in a company to which the Code applies.
Note that as with all the presumptions in the definition of “acting in concert”, they are capable of rebuttal in consultation with the Panel.
The full Response Statement can be viewed at:http://www.thetakeoverpanel.org.uk/wp-content/uploads/2008/11/RS201503.pdf
Panel Practice StatementsOn 8 October 2015, the Takeover Panel published Practice Statement No. 29 (Rule 21.2 - Offer-related arrangements) and Practice Statement No. 30 (Rule 20.2 - Information required for the purpose of obtaining regulatory consents).
Practice Statement No. 29 (Rule 21.2 - Offer-related arrangements)
This Practice Statement provides guidance on the general prohibition on offer related arrangements set out in Rule 21.2 of the Code, including that:
• The exception allowing a target to give a commitment to provide information/assistance for the purposes of obtaining any official authorisation or regulatory clearance includes information required by a bidder in the preparation of an equity prospectus, circular or similar document. It does not, however, include information/assistance required by a bidder in connection with (i) an application to a tax authority seeking specific tax treatment; or (ii) the preparation of a bond prospectus in relation to the refinancing of bank facilities. Whilst a target can choose to provide such information voluntarily, it cannot be required to provide such information or assistance.
• Whilst a bidder, other than on a reverse takeover, may give a commitment not to invoke a condition to its offer, the target must not agree that a condition may be invoked by a bidder or agree not to object to a bidder seeking to invoke a condition.
• A trigger in a reverse break fee that relates to the target having taken or not taken certain action should not breach Rule 21.2 provided that there is no obligation on the target to take or not take that action - note, however, that conditions which might have the effect of deterring potential competing bidders from making an offer would fall on the wrong side of the line e.g. that the target does not engage in discussions with competing bidders or does
10
not provide information to competing bidders beyond the information which is required to be supplied under Rule 20.2 (equality of information to competing offerors).
• In cases of doubt about the application of Rule 21.2, the Panel must be consulted. Section 4 of Practice Statement No.29 incorporates the relevant contents of Practice Statement No 27 (Rule 21.2 - Directors’ irrevocable commitments and letters of intent) and Section 8 of Practice Statement No 29 incorporates the relevant contents of Practice Statement No.23 (Rule 21.2 - Inducement fees and other offer-related arrangements), which have both accordingly been withdrawn.
Practice Statement No.30 (Rule 20.2 - Information required for the purpose of obtaining regulatory consents) This Practice Statement provides guidance on the Panel’s practice where the target provides commercially sensitive information (“restricted information”) to “outside counsel” of the bidder (the “clean team”) for the purposes of enabling the bidder to establish whether regulatory clearances are necessary. The Panel usually applies Rule 20.2 in such a way that where a bona fide potential competing bidder requests access to the restricted information, the target is only required to provide that information to equivalent “outside counsel” of the potential competing bidder. The target must consult the Panel and obtain its consent to apply Rule 20.2 in this manner.
The Practice Statement also sets out various safeguards required by the Panel to prevent the restricted information being passed to the bidder from the clean team including:
• restrictions on the number and identity of members of the clean team receiving the restricted information;
• arrangements to protect the confidentiality of the restricted information, including effective information barriers;
• confirmations from the bid parties regarding: (i) the identity of the members of the clean team; (ii) the waiver by the bidder of any rights to access the restricted information from a member of the clean team; and (iii) no access to the restricted information by the bidder; and
• confirmations from each firm represented on the clean team that: (i) it will not disclose the information to the bidder or any person outside the clean team other than relevant regulatory authorities; (ii) it has effective information barriers in place; and (iii) it will notify the Panel if restricted information moves outside the clean team.
If any restricted information is provided to, accessed by, or deduced by the bidder or any advisers outside the clean team, the Panel must be informed promptly. In these circumstances, Rule 20.2 would normally be applied in the usual way and such restricted information would need to be provided, on request, directly to a competing bidder.
Consulting the PanelOn 5 November 2015, the Panel published Panel Statement 2015/15 which sets out useful guidance in the context of Panel consultation.
Key lessons:
• The Panel system of regulation relies on parties and their advisers consulting the Panel whenever they are in any doubt whatsoever as to the application of the Code.
• The need to consult with the Panel in cases of doubt is particularly acute where there are
11
doubts as to whether parties may be acting in concert.• To take legal or other professional advice as to whether parties are acting in concert, or
to rely on warranties or representations from those parties to the effect that they are not acting in concert, can never be an alternative to Panel consultation.
• Whenever the Panel is consulted, it is paramount that all relevant facts are disclosed and no relevant facts are withheld.
• Whilst the Code applies to all types of advisers, financial advisers have a particular responsibility under the Code to ensure, so far as they are reasonably able, that their client and, in the case of a company, its directors, are aware of their responsibilities under the Code and will comply with them and that the Panel is consulted whenever appropriate.
The full Panel Statement can be viewed at:http://www.thetakeoverpanel.org.uk/wp-content/uploads/2014/12/2015-15.pdf
Prospectus Regulation – exemption from preparing a prospectus on a takeoverThe European Commission has published its proposal for a new Prospectus Regulation which will replace the existing Prospectus Directive regime. The Prospectus Regulation will take effect a year after it is adopted so is expected to take effect some time in 2017.
There is a new proposed exemption in the Prospectus Regulation from the requirement to prepare a prospectus for both admissions to trading and offers to the public where securities are offered in connection with a takeover, provided information describing the transaction and its impact on the issuer is made available.
This is a significant improvement on the current regime where the takeover exemption requires a document equivalent to a prospectus to be prepared and vetted by the FCA providing little benefit to issuers.
For more information on the proposed changes and how these will impact equity issuers, please refer to Ashurst’s December 2015 briefing: The Prospectus Directive: proposed changes for equity capital markets.
12
Practice & Panel StatementsThe following Panel Statements (among others) were issued by Panel during 2015 – in reverse chronological order:
2015/19 Xchanging Plc Requirement for potential bidder to make Rule 2.7 announcement or announce no intention to bid by Day 53
2015/18 Ladbrokes Plc Review of the Panel Executive’s ruling by the Hearings Committee of the Panel
2015/17 Al Noor Hospitals Group Plc Requirement for potential bidder to make Rule 2.7 announcement or announce no intention to bid by 8 December 2015
2015/15 Asia Resource Minerals Plc (formerly Bumi Plc)
Statement of public criticism of Credit Suisse, Freshfields and Holman Fenwick Willan
2015/14 Al Noor Hospitals Group Plc Ruling in relation to new deadline for potential bidders to either make Rule 2.7 announcement or announce no intention to bid
2015/13 Publication of RS 2015/1, RS 2015/2 and RS 2015/3
Response Statements to consultations on “Dividends”, “Restrictions and suspensions of voting rights” and “Additional presumptions to the definition of acting in concert”
2015/11 Aga Rangemaster Group Plc Requirement for potential bidder to make Rule 2.7 announcement or announce no intention to bid by 14 September 2015
2015/8 Public Consultation Papers Issue of Public Consultation Papers 2015/2 "Restrictions and suspensions of voting rights" and 2015/3 "Additional presumptions to the definition of acting in concert”
2015/7 New World Oil and Gas Plc Ruling in respect of Mrs Judith Williams
2015/6 Public Consultation Paper: Dividends
Issue of Public Consultation Paper 2015/1 “Dividends”
2015/5 Fees and Charges Revision of document charges and charges for exempt and recognised intermediary status
2015/3 Armour Group Plc Criticism of Mr Bob Morton
13
ContactsFor more information about any of the issues raised in this update please contact:
Corporate Partners Office Telephone Number Email
Rob Aird London +44 (0)20 7859 1726 [email protected]
Adrian Clark London +44 (0)20 7859 1767 [email protected]
Simon Beddow London +44 (0)20 7859 1937 [email protected]
Nick Bryans London +44 (0)20 7859 1504 [email protected]
David Carter London +44 (0)20 7859 1012 [email protected]
Nick Cheshire London +44 (0)20 7859 1811 [email protected]
Anthony Clare London +44 (0)20 7859 1927 [email protected]
Karen Davies London +44 (0)20 7859 3667 [email protected]
Richard Gubbins London +44 (0)20 7859 1252 [email protected]
Bruce Hanton London +44 (0)20 7859 1738 [email protected]
Nicholas Holmes London +44 (0)20 7859 2058 [email protected]
Hiroyuki Iwamura London +44(0)20 7859 3244 [email protected]
Tom Mercer London +44 (0)20 7859 2988 [email protected]
Robert Ogilvy Watson London +44 (0)20 7859 1960 [email protected]
Nick Rainsford London +44 (0)20 7859 2914 [email protected]
Michael Robins London +44 (0)20 7859 1473 [email protected]
Dominic Ross London +44 (0)20 7859 1043 [email protected]
Nick Williamson London +44 (0)20 7859 1894 [email protected]
James Wood London +44 (0)20 7859 3695 [email protected]
María José Menéndez Spain +34 91 364 9867 [email protected]
Yann Gozal France +33 (0)1 53 53 53 75 [email protected]
Reinhard Eyring Germany +49 (0)69 97 11 27 08 [email protected]
Carl Meyntjens Belgium +32 (0)2 626 1911 [email protected]
Jon Ericson Sweden +46 (0)8 407 24 56 [email protected]
Martin Börresen Sweden +46 (0)8 407 24 52 [email protected]
Alastair Holland Abu Dhabi/Middle East +971 (0)50 259 4174 [email protected]
Nick Terry Australia +61 2 9258 6122 [email protected]
14
Appendix: Announced* UK takeover bids (1 January to 31 December 2015)
Beal
e PL
C (M
ain
Mar
ket)
Engl
ish
Rose
Ent
erpr
ises
Li
mite
d£1
.23
m-4
8%•1
••2
◊ 3
API G
roup
Plc
(AIM
)St
eel P
artn
ers H
oldi
ngs L
.P.£4
6 m
27.7
%•
••4
Net
wor
kers
Inte
rnat
iona
l pl
c (A
IM)
Mat
chte
ch G
roup
plc
£57.9
m22
.5%
••
•A5
•◊
6•
Ashc
ourt
Row
an p
lc (A
IM)
Tow
ry H
oldi
ngs L
imite
d£1
20 m
60.2
%•
•• 7
•◊
8• 9
Targ
et (M
arke
t)
Bidd
er
Bid value
Bid premium**
Recommended
Profit Forecast/QFBS
Shareholder vote
Matching/Topping Rights****
Non-solicit undertakings****
Formal Sale Process
Offer-related Arrangements
Scheme
Partial Offer
Offer***
Mix and match
Other consideration
Shares (L/U/A)
Cash
Rule 9 offer
Hostile/No recommendation
Key
* Th
is ta
ble
inclu
des d
etai
ls of
take
over
s, se
t out
in
chro
nolo
gica
l ord
er, in
resp
ect o
f whi
ch a
firm
inte
ntio
n to
m
ake
an o
ffer h
as b
een
anno
unce
d un
der R
ule
2.7 o
f the
Co
de d
urin
g th
e pe
riod
unde
r rev
iew
. It ex
clude
s offe
rs b
y ex
istin
g m
ajor
ity sh
areh
olde
rs fo
r min
ority
pos
ition
s**
Pr
emiu
m o
f the
offe
r pric
e ov
er th
e ta
rget
’s sh
are
pric
e im
med
iate
ly p
rior t
o th
e co
mm
ence
men
t of t
he
rele
vant
offe
r per
iod
***
Stan
dard
90%
(wai
vabl
e) a
ccep
tanc
e co
nditi
on, u
nles
s ot
herw
ise
stat
ed**
** I
n sh
areh
olde
rs’ ir
revo
cabl
es (u
nles
s ind
icate
d ot
herw
ise)
◊ Pe
rmitt
ed a
gree
men
ts u
nder
Rul
e 21
of t
he C
ode
A AI
M tr
aded
shar
esC
Co-o
pera
tion
agre
emen
t/bi
d co
nduc
t agr
eem
ent
F Br
eak
fee
give
n un
der f
orm
al sa
le p
roce
ssL
List
ed sh
ares
NP
No
prem
ium
giv
en in
offe
r doc
umen
tatio
n or
nil p
rem
ium
R Re
vers
e br
eak
fee
S St
ands
till a
gree
men
tU
U
ntra
ded
shar
es
1. Th
e Be
ale
boar
d be
lieve
s tha
t the
offe
r pric
e of
6 p
ence
per
Bea
le sh
are
is d
isap
poin
ting
and
that
in d
iffer
ent
circ
umst
ance
s it c
ould
hav
e ac
hiev
ed a
pric
e th
at w
ould
valu
e Be
ale’s
bus
ines
s and
ass
ets m
ore
fully
. How
ever
, the
co
mpl
ex ca
pita
l str
uctu
re in
herit
ed b
y th
e cu
rren
t Bea
le b
oard
impo
ses a
num
ber o
f res
tric
tions
on
Beal
e’s a
bilit
y to
fund
its a
ctiv
ities
.2.
75 p
er ce
nt. a
ccep
tanc
e co
nditi
on.
3. Co
mm
itmen
t by
Port
nard
, bid
der’s
par
ent c
ompa
ny, t
o Be
ale
to p
rocu
re th
e lo
dgin
g of
a £
2 m
illio
n de
posi
t with
W
ells
Farg
o Ca
pita
l Fin
ance
.4.
62
per
cent
. acc
epta
nce
cond
ition
.5.
34 p
ence
in ca
sh a
nd 0
.063
256
new
Mat
chte
ch sh
ares
for e
ach
Net
wor
kers
shar
e.6.
Jo
n Pl
assa
rd, S
penc
er M
anue
l, Sco
tt S
imon
s and
Sau
l Pen
hallo
w e
nter
ed in
to lo
ck-u
p ag
reem
ents
with
Mat
chte
ch,
unde
r whi
ch th
ey h
ave
agre
ed n
ot to
dis
pose
of a
ny o
f the
ir in
tere
sts i
n th
e ne
w M
atch
tech
cons
ider
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n sh
ares
fo
r a p
erio
d of
two
year
s fro
m th
e sc
hem
e ef
fect
ive
date
or u
ntil
thei
r pos
ition
as a
dire
ctor
or e
mpl
oyee
of
Mat
chte
ch o
r Net
wor
kers
term
inat
es.
7. 33
3 pe
nce
in ca
sh a
nd 16
pen
ce in
loan
not
es fo
r eac
h As
hcou
rt R
owan
shar
e. T
owry
may
, in it
s sol
e an
d ab
solu
te
disc
retio
n, e
lect
to p
ay fu
rthe
r cas
h to
Ash
cour
t Row
an sh
areh
olde
rs in
lieu
of a
ll or
par
t of t
he lo
an n
otes
. For
ev
ery
addi
tiona
l 1 p
ence
in ca
sh p
er A
shco
urt s
hare
the
amou
nt o
f loa
n no
tes i
ssue
d in
resp
ect o
f eac
h sh
are
wou
ld b
e re
duce
d by
1 pe
nce.
8.
On
1 Feb
ruar
y 20
15, A
shco
urt R
owan
ent
ered
into
a se
ttle
men
t agr
eem
ent w
ith th
e fo
llow
ing
exec
utiv
e di
rect
ors
(the
Exec
utiv
e D
irect
ors)
- Jo
nath
an P
olin
(the
gro
up ch
ief e
xecu
tive
offic
er), A
lfio
Tagl
iabu
e (th
e gr
oup
chie
f fin
anci
al o
ffice
r) an
d St
eve
Hai
nes (
the
head
of g
over
nanc
e). P
ursu
ant t
o th
e se
ttle
men
t agr
eem
ent e
ach
of th
e Ex
ecut
ive
Dire
ctor
s’ em
ploy
men
t con
trac
ts w
ith A
shco
urt R
owan
will
term
inat
e on
the
sche
me
effe
ctiv
e da
te a
nd
cert
ain
cont
ract
ual a
nd e
x gr
atia
pay
men
ts sh
all b
e m
ade
to th
em.
9.
The
paym
ents
to th
e Ex
ecut
ive
Dire
ctor
s will
be
paya
ble
by A
shco
urt R
owan
at t
he sa
me
time
as th
e lo
an n
otes
ar
e to
be
rede
emed
and
are
subj
ect t
o co
mpl
ianc
e w
ith ce
rtai
n co
nditi
ons.
Thes
e ar
rang
emen
ts re
quire
app
rova
l of
the
inde
pend
ent s
hare
hold
ers i
n ac
cord
ance
with
ss. 2
15 -
219
Com
pani
es A
ct 2
006.
Q1
15Brit
Plc
(Mai
n M
arke
t)Fa
irfax
Fin
anci
al H
oldi
ngs
Lim
ited
£1.2
2 b
11.2
%•
••10
• C• 11
Rexa
m P
lc (
Mai
n M
arke
t)Ba
ll Co
rpor
atio
n£4
.3 b
40%
••
•L 12
••
• C R
• 13
Baob
ab R
esou
rces
Plc
(AIM
)Re
dbird
Inve
stm
ents
Li
mite
d£2
0.5
m45
.5%
••
•14
Opt
os P
lc (M
ain
Mar
ket)
Nik
on C
orpo
ratio
n£2
59.2
m30
.5%
••
•• C
Dom
ino
Prin
ting
Scie
nces
Pl
c (M
ain
Mar
ket)
Brot
her I
ndus
trie
s, Lt
d.£1
.03
b42
.6%
••
•15•
• C•16
TSB
Bank
ing
Gro
up P
lc (M
ain
Mar
ket)
Banc
o de
Sab
adel
l S.A
.£1
.7 b
4%•
••
• C
Keyc
om P
lc (P
LUS
Mar
ket)
UKB
Net
wor
ks Li
mite
d£1
1.8 m
17
NP
••
•Ac
cum
uli P
lc (A
IM)
NCC
Gro
up P
lc£5
5 m
19.1%
••
•L 18
••
Targ
et (M
arke
t)
Bidd
er
Bid value
Bid premium**
Recommended
Profit Forecast/QFBS
Shareholder vote
Matching/Topping Rights****
Non-solicit undertakings****
Formal Sale Process
Offer-related Arrangements
Scheme
Partial Offer
Offer***
Mix and match
Other consideration
Shares (L/U/A)
Cash
Rule 9 offer
Hostile/No recommendation
10. 7
0 pe
r cen
t. ac
cept
ance
cond
ition
.11.
Ea
ch o
f the
non
-dire
ctor
shar
ehol
ders
has
und
erta
ken
that
they
will
not
solic
it or
ent
er in
to d
iscu
ssio
ns re
gard
ing
any
gene
ral o
ffer f
or B
rit sh
ares
from
any
third
par
ty o
r any
pro
posa
l fo
r a m
erge
r of B
rit w
ith a
ny o
ther
ent
ity.
12.
407
penc
e in
cash
and
0.0
4568
new
Bal
l sha
res f
or e
ach
Rexa
m sh
are.
The
new
Bal
l sha
res h
ave
been
app
rove
d fo
r lis
ting,
subj
ect t
o of
ficia
l not
ice
of is
suan
ce, o
n th
e N
ew Yo
rk S
tock
Ex
chan
ge.
13.
The
Rule
2.7
anno
unce
men
t con
tain
s sta
tem
ents
of e
stim
ated
cost
savi
ngs a
nd sy
nerg
ies a
risin
g fr
om th
e of
fer (
a qu
antifi
ed fi
nanc
ial b
enefi
ts st
atem
ent)
whi
ch h
as b
een
repo
rted
on
by
Pric
ewat
erho
useC
oope
rs LL
P an
d G
reen
hill
& C
o. In
tern
atio
nal L
LP a
s req
uire
d by
Rul
e 28
.1(a)
of t
he C
ode.
14. 7
2.31
per
cent
. acc
epta
nce
cond
ition
.15
. D
omin
o sh
areh
olde
rs (o
ther
than
cert
ain
over
seas
shar
ehol
ders
) can
ele
ct to
rece
ive
loan
not
es in
lieu
of p
art o
r all
of th
e ca
sh co
nsid
erat
ion.
16. A
stat
emen
t mad
e by
Dom
ino
incl
uded
in th
e Ru
le 2
.7 an
noun
cem
ent i
s con
side
red
to b
e a
profi
t for
ecas
t for
the
purp
oses
of R
ule
28 Ta
keov
er C
ode.
The
pro
fit fo
reca
st is
bas
ed o
n th
e an
nual
resu
lts fo
r the
Dom
ino
grou
p fo
r the
year
end
ed 3
1 Oct
ober
201
4, th
e un
audi
ted
man
agem
ent a
ccou
nts o
f Dom
ino
for t
he th
ree
mon
ths e
nded
31 J
anua
ry 2
015
and
a fo
reca
st
for t
he n
ine
mon
ths t
o 31
Oct
ober
201
5. Th
e Ru
le 2
.7 an
noun
cem
ent i
nclu
des t
he d
irect
ors’
confi
rmat
ions
as s
et o
ut in
Rul
e 28
.1(c)
(i) o
f the
Cod
e.17
. £1
3.3m
(inc
ludi
ng D
efer
red
Cons
ider
atio
n). N
o ce
rtai
nty
that
Def
erre
d Co
nsid
erat
ion
will
bec
ome
paya
ble
unde
r the
offe
r.18
. 0.12
18 N
ew N
CC G
roup
Sha
res a
nd 5
.97
penc
e in
cash
for e
ach
Sche
me
Shar
e.
16
Targ
et (M
arke
t)
Bidd
er
Bid value
Bid premium**
Recommended
Profit Forecast/QFBS
Shareholder vote
Matching/Topping Rights****
Non-solicit undertakings****
Formal Sale Process
Offer-related Arrangements
Scheme
Partial Offer
Offer***
Mix and match
Other consideration
Shares (L/U/A)
Cash
Rule 9 offer
Hostile/No recommendation
Appendix: Announced* UK takeover bids (1 January to 31 December 2015) Continued
Nat
ionw
ide
Acci
dent
Rep
air
Serv
ices
plc
(AIM
)CS
P III
AIV
(Cay
man
), L.P
.£4
3.2
m13
%•
••
◊ 19
••20
BG G
roup
plc
(Mai
n M
arke
t)Ro
yal D
utch
She
ll pl
c£4
7 b
50%
••
•L 21
••
• C R
◊ 22
•23
Pace
plc
(Mai
n M
arke
t)AR
RIS
Gro
up, In
c.£1
.4 b
27.6
%•
••L
24•
• C R
Casd
on p
lc
Cald
er P
rodu
cts L
imite
d (a
co
mpa
ny co
ntro
lled
by th
e Pa
ul C
assi
dy co
ncer
t par
ty)
£3.0
38
m (c
ash)
or
£3.
314
m (c
ash
and
loan
no
tes)
47%
(c
ash)
or
60%
(c
ash
and
loan
no
tes)
••
•25•26
Asia
Res
ourc
e M
iner
als p
lc
(Mai
n M
arke
t)As
ia C
oal E
nerg
y Ven
ture
s Li
mite
d £1
34.9
m46
.4%
•27•
••28
19. O
n 31
Mar
ch 2
015,
bidd
er e
nter
ed in
to a
n eq
uity
term
s let
ter r
egar
ding
the
term
s of m
anag
emen
t inc
entiv
isat
ion
arra
ngem
ents
in fa
vour
of t
arge
t man
agem
ent.
20. D
avid
Pug
h an
d M
icha
el W
ilmsh
urst
are
ent
itled
to su
bscr
ibe
for “
swee
t equ
ity” o
n co
mpl
etio
n of
the
acqu
isiti
on a
nd m
ust e
ach
prov
ide
post
-exi
t res
tric
tive
cove
nant
s of a
two
year
du
ratio
n. M
icha
el W
ilmsh
urst
is e
ntitl
ed to
subs
crib
e fo
r bid
der l
oan
note
s. B
oth
Dav
id P
ugh
and
Mic
hael
Wilm
shur
st e
nter
ed in
to n
ew se
rvic
e ag
reem
ents
with
the
NAR
S gr
oup
from
com
plet
ion
of th
e ac
quis
ition
and
NAR
S ag
reed
to p
ay th
em tr
ansa
ctio
n bo
nuse
s. B
idde
r als
o co
nsen
ted
to a
term
inat
ion
paym
ent o
n th
e de
part
ure
of N
ARS
grou
p sa
les
dire
ctor
, Ste
phen
Tho
mps
on. T
hese
arr
ange
men
ts re
quire
app
rova
l of t
he in
depe
nden
t sha
reho
lder
s in
acco
rdan
ce w
ith R
ule
16.2
of t
he C
ode.
21.
383
penc
e in
cash
and
0.4
454
Shel
l B o
rdin
ary
shar
es fo
r eac
h BG
shar
e.22
. Tar
get a
nd b
idde
r (an
d th
eir r
espe
ctiv
e le
gal c
ouns
el) e
nter
ed in
to a
join
t def
ence
agr
eem
ent w
hich
pro
vide
d fo
r the
pro
tect
ion
of co
mm
erci
ally
sens
itive
info
rmat
ion
whi
ch w
as
shar
ed fo
r the
pur
pose
of p
repa
ring
antit
rust
and
regu
lato
ry fi
lings
.23
. Qua
ntifi
ed fi
nanc
ial b
enefi
ts st
atem
ent (
QFB
S) re
port
ed o
n by
Del
oitt
e an
d M
erril
l Lyn
ch a
s req
uire
d by
Rul
e 28
.1(a)
of t
he C
ode.
24. 1
32.5
pen
ce in
cash
and
0.14
55 n
ew A
RRIS
shar
es fo
r eac
h Pa
ce sh
are.
25
. Tar
get s
hare
hold
ers c
an e
ither
ele
ct to
rece
ive
(i) ca
sh co
nsid
erat
ion
of 5
5 pe
nce
or (i
i) 60
pen
ce w
ith 2
0 pe
nce
to b
e pa
id in
cash
imm
edia
tely
and
40
penc
e in
loan
not
es re
paya
ble
in
2 in
stal
men
ts o
f 20
penc
e in
12 a
nd 2
4 m
onth
s’ tim
e.26
. 75%
acc
epta
nce
cond
ition
.27
. Ini
tially
a u
nila
tera
l offe
r, whi
ch b
ecam
e re
com
men
ded
follo
win
g an
incr
ease
in th
e of
fer p
rice.
28. O
n 7
May
201
5, Ra
iffei
sen
Bank
Inte
rnat
iona
l AG
(RBI
) and
bid
der e
nter
ed in
to a
n ag
reem
ent t
o se
ll of
f the
loan
s adv
ance
d by
RBI
to M
axim
a Va
le H
oldi
ng Li
mite
d, P
T Sa
mud
ra P
acifi
c M
arin
e an
d Ra
venw
ood
to a
third
par
ty fo
r an
aggr
egat
e co
nsid
erat
ion
of U
S$12
0m le
ss th
e U
S$ e
quiv
alen
t of t
he co
nsid
erat
ion
to b
e re
ceiv
ed b
y Ra
venw
ood
for t
he R
aven
woo
d As
ia
Reso
urce
shar
es p
ursu
ant t
o th
e of
fer.
Thes
e ar
rang
emen
ts re
quire
app
rova
l of t
he in
depe
nden
t sha
reho
lder
s in
acco
rdan
ce w
ith R
ule
16.1
of th
e Co
de.
Q2
17
Targ
et (M
arke
t)
Bidd
er
Bid value
Bid premium**
Recommended
Profit Forecast/QFBS
Shareholder vote
Matching/Topping Rights****
Non-solicit undertakings****
Formal Sale Process
Offer-related Arrangements
Scheme
Partial Offer
Offer***
Mix and match
Other consideration
Shares (L/U/A)
Cash
Rule 9 offer
Hostile/No recommendation
Phoe
nix
IT G
roup
plc
(Mai
n M
arke
t)
Dai
sy G
roup
Lim
ited
and
Tosc
afun
d As
set
Man
agem
ent L
LP£1
35 m
24%
••
••C
•Te
leci
ty G
roup
plc
(Mai
n M
arke
t)Eq
uini
x, In
c.£2
.35
b34
.9%
••
•L 29
••
•CR
Insp
ired
Capi
tal p
lc (A
IM)
Bent
ley
Park
Ltd.
£43.
8 m
26%
••
•An
ite p
lc (M
ain
Mar
ket)
Keys
ight
Tech
nolo
gies
, Inc.
£388
m22
.3%
••
••
Enab
les I
T G
roup
plc
(AIM
)1S
patia
l plc
£2.0
8 m
27.13
%•
•L30•
Ered
ene
Capi
tal L
imite
dEd
en In
vest
men
t Hol
ding
Co
mpa
ny P
te. L
td£1
1.9 m
10%
••
••31
Thor
nton
s plc
(Mai
n M
arke
t)Fe
rrer
o In
tern
atio
nal S
.A.
£111
.9 m
42.9
%•
••
•32
Esse
nden
PLC
(AIM
)H
arw
ood
Capi
tal L
LP£4
0.1 m
10.3
%•
••
•33
29. 5
72.5
pen
ce in
cash
and
0.0
327
new
Equ
inix
shar
es fo
r eac
h Te
leci
ty sh
are.
30. 1
.13 n
ew 1S
patia
l sha
res f
or e
ach
Enab
les s
hare
.31
. 50
%+
acce
ptan
ce co
nditi
on o
n a
man
dato
ry b
id. T
he o
ffer w
ill b
e un
cond
ition
al a
s to
acce
ptan
ces a
s fro
m th
e tim
e it
is m
ade.
32. 5
0%+
acce
ptan
ce co
nditi
on o
n a
man
dato
ry b
id.
33. T
oppi
ng ri
ghts
giv
en in
the
irrev
ocab
le u
nder
taki
ng o
f non
-dire
ctor
shar
ehol
der H
argr
eave
Hal
e Li
mite
d (H
argr
eave
).
18
Targ
et (M
arke
t)
Bidd
er
Bid value
Bid premium**
Recommended
Profit Forecast/QFBS
Shareholder vote
Matching/Topping Rights****
Non-solicit undertakings****
Formal Sale Process
Offer-related Arrangements
Scheme
Partial Offer
Offer***
Mix and match
Other consideration
Shares (L/U/A)
Cash
Rule 9 offer
Hostile/No recommendation
Appendix: Announced* UK takeover bids (1 January to 31 December 2015) Continued
Prom
ethe
an W
orld
plc
(Mai
n M
arke
t)N
etD
rago
n W
ebso
ft In
c.£8
4.1 m
48%
••
••CR
AGA
Rang
emas
ter G
roup
plc
(M
ain
Mar
ket)
The
Mid
dleb
y Co
rpor
atio
n£1
29 m
77%
••
•Al
ent p
lc (M
ain
Mar
ket)
Plat
form
Spe
cial
ty P
rodu
cts
Corp
orat
ion
£1.3
51 b
49%
••
•L34•
•CR•35
Qui
ntai
n Es
tate
s and
D
evel
opm
ent P
LC (M
ain
Mar
ket)
Lone
Sta
r Rea
l Est
ate
Fund
IV
(U.S
.), L
.P. a
nd Lo
ne
Star
Rea
l Est
ate
Fund
IV
(Ber
mud
a), L
.P.
£745
m31
.8%
••
•36
John
Sw
an &
Son
s P.L.
C.
(AIM
)H
&H
Gro
up P
LC£8
.2 m
107.7
%•
••U
37•
◊38•39
Chim
e Co
mm
unic
atio
ns p
lc
(Mai
n M
arke
t)Pr
ovid
ence
Equ
ity P
artn
ers
L.L.C
and
WPP
plc
£374
m33
%•
••
•C•40
34. P
artia
l sha
re a
ltern
ativ
e of
0.3
1523
new
bid
der s
hare
s for
eac
h ta
rget
shar
e (li
mite
d to
the
issu
e of
new
bid
der s
hare
s in
resp
ect o
f 58,
432,
694
targ
et sh
ares
(app
rox.
29.
1% o
f tar
get
issu
ed sh
are
capi
tal))
. 35
. QFB
S re
port
ed o
n by
Pric
ewat
erho
useC
oope
rs LL
P an
d Cr
edit
Suis
se S
ecur
ities
(Eur
ope)
Lim
ited
as re
quire
d by
Rul
e 28
.1(a)
of t
he Ta
keov
er C
ode.
36. P
erce
ntag
e of
targ
et sh
areh
olde
r acc
epta
nces
requ
ired
to sa
tisfy
the
acce
ptan
ce co
nditi
on re
duce
d fr
om 9
0% to
75%
.37
. Pa
rtia
l unl
iste
d se
curit
ies a
ltern
ativ
e (s
tub
equi
ty) o
f 0.5
74 b
idde
r sha
res f
or e
ach
targ
et sh
are
(lim
ited
to th
e is
sue
of 12
5,000
bid
der s
hare
s (ap
prox
. 12%
of b
idde
r iss
ued
shar
e ca
pita
l)).
38. J
ohn
Swan
Lim
ited
is th
e pr
inci
pal e
mpl
oyer
of t
he Jo
hn S
wan
Lim
ited
Retir
emen
t Ben
efits
Sch
eme.
In
2012
John
Sw
an Li
mite
d gr
ante
d a
float
ing
char
ge o
ver i
ts a
sset
s in
favo
ur
of th
e pe
nsio
n sc
hem
e. C
ondi
tiona
l upo
n th
e tr
ansa
ctio
n be
com
ing
effe
ctiv
e, th
e bi
dder
, tar
get a
nd th
e pe
nsio
n sc
hem
e tr
uste
es e
nter
ed in
to a
n ag
reem
ent a
nd g
uara
ntee
und
er
whi
ch th
e pe
nsio
n tr
uste
es a
gree
d to
rele
ase
the
float
ing
char
ge a
nd re
plac
e it
with
a g
uara
ntee
pro
vide
d by
the
bidd
er.
39. T
oppi
ng ri
ghts
in th
e irr
evoc
able
und
erta
king
s giv
en b
y no
n-di
rect
or sh
areh
olde
rs P
eter
Alle
n an
d Pe
regr
ine
Mon
crei
ffe.
40. A
stat
emen
t con
tain
ed in
the
targ
et’s
AGM
upd
ate
for t
he fi
rst f
our m
onth
s of 2
015
is co
nsid
ered
to b
e a
profi
t for
ecas
t for
the
purp
oses
of R
ule
28 o
f the
Take
over
Cod
e.
Q3
19
Targ
et (M
arke
t)
Bidd
er
Bid value
Bid premium**
Recommended
Profit Forecast/QFBS
Shareholder vote
Matching/Topping Rights****
Non-solicit undertakings****
Formal Sale Process
Offer-related Arrangements
Scheme
Partial Offer
Offer***
Mix and match
Other consideration
Shares (L/U/A)
Cash
Rule 9 offer
Hostile/No recommendation
Part
ners
hip
Assu
ranc
e G
roup
plc
(Mai
n M
arke
t)Ju
st R
etire
men
t Gro
up p
lc£6
68.5
mN
P•
•L41•
•C
◊42 ◊43
◊44 ◊45
•46
Palle
tfor
ce P
LC (n
ot li
sted
)Em
erge
Vest
£30
m94
.6%
47•
••
•48
The
Inno
vatio
n G
roup
plc
(M
ain
Mar
ket)
The
Carly
le G
roup
£499
m13
.5%
••
••C
Latc
hway
s plc
(Mai
n M
arke
t)M
SA S
afet
y In
corp
orat
ed£1
24 m
53%
••
••
Betf
air G
roup
plc
(Mai
n M
arke
t)Pa
ddy
Pow
er p
lc£2
.89
bN
P•
•L49•
•C•50
•51 •52
41. 0
.834
new
Just
Ret
irem
ent s
hare
s for
eac
h Pa
rtne
rshi
p As
sura
nce
shar
e.42
. Tar
get a
nd b
idde
r (an
d th
eir r
espe
ctiv
e le
gal c
ouns
el) e
nter
ed in
to a
join
t def
ence
agr
eem
ent,
whi
ch p
rovi
ded
for t
he p
rote
ctio
n of
com
mer
cial
ly se
nsiti
ve in
form
atio
n w
hich
was
sh
ared
for t
he p
urpo
se o
f pre
parin
g su
bmis
sion
s to
the
Com
petit
ion
and
Mar
kets
Aut
horit
y an
d th
e Pr
uden
tial R
egul
atio
n Au
thor
ity.
43. C
erta
in fu
nds m
anag
ed b
y Ci
nven
Lim
ited
(the
Cinv
en F
unds
) cur
rent
ly h
old
appr
ox. 5
1.9%
of t
he ta
rget
’s sh
ares
. The
bid
der e
nter
ed in
to a
rela
tions
hip
agre
emen
t with
Cin
ven
Lim
ited
and
the
Cinv
en Fu
nds (
toge
ther
, the
Cin
ven
Entit
ies)
und
er w
hich
the
Cinv
en E
ntiti
es a
re e
ntitl
ed to
app
oint
one
non
-exe
cutiv
e di
rect
or to
the
boar
d of
the
com
bine
d gr
oup
for s
o lo
ng a
s the
Cin
ven
Entit
ies a
re e
ntitl
ed to
cont
rol t
he e
xerc
ise
of 15
% o
r mor
e of
the
vote
s abl
e to
be
cast
on
all o
r sub
stan
tially
all
mat
ters
at g
ener
al m
eetin
gs o
f the
bid
der.
44. A
vallu
x S.
a.r.l
(Ava
llux)
(who
hol
ds a
ppro
xim
atel
y 52
.3%
of t
he b
idde
r sha
res)
, Cin
ven
and
Barc
lays
Ban
k en
tere
d in
to a
lock
-up
agre
emen
t und
er w
hich
Ava
llux
and
Cinv
en w
ill n
ot
(with
out fi
rst o
btai
ning
Bar
clay
s’ co
nsen
t) di
spos
e of
any
bid
der s
hare
s dur
ing
the
lock
-up
perio
d.
45. A
vallu
x an
d Ci
nven
ent
ered
into
a se
ll do
wn
agre
emen
t und
er w
hich
they
agr
eed
that
they
will
not
dis
pose
of a
ny b
idde
r sha
res w
ithou
t firs
t offe
ring
the
othe
r par
ty th
e rig
ht to
el
ect t
o pa
rtic
ipat
e in
the
prop
osed
dis
posa
l at t
he sa
me
pric
e an
d on
the
sam
e te
rms i
n th
e re
spec
tive
ratio
of t
heir
resu
lting
hol
ding
s und
er th
e m
erge
r (60
:40)
. 46
. QFB
S re
port
ed o
n by
KPM
G, B
arcl
ays B
ank
and
Fenc
hurc
h Ad
viso
ry P
artn
ers L
LP a
s req
uire
d by
Rul
e 28
.1(a)
of t
he Ta
keov
er C
ode.
47. P
rem
ium
ove
r the
ave
rage
strik
e pr
ice
for t
he m
atch
ed b
arga
in tr
adin
g w
hich
took
pla
ce o
n th
e da
te o
f the
last
mat
ched
bar
gain
auc
tion
befo
re th
e da
te o
f the
Rul
e 2.
7 An
noun
cem
ent.
48. T
he ta
rget
man
agem
ent t
eam
ent
ered
into
ince
ntiv
isat
ion
arra
ngem
ents
und
er w
hich
mem
bers
of t
he te
am w
ill e
xcha
nge
thei
r exi
stin
g sh
areh
oldi
ngs i
n th
e ta
rget
for a
co
mbi
natio
n of
shar
es, lo
an n
otes
and
cash
issu
ed b
y en
titie
s with
in th
e bi
dco
grou
p st
ruct
ure.
The
se a
rran
gem
ents
are
subj
ect t
o ta
rget
shar
ehol
der a
ppro
val u
nder
Rul
e 16
of t
he
Take
over
Cod
e.49
. 0.4
254
of a
new
Pad
dy P
ower
Bet
fair
shar
e fo
r eac
h Be
tfai
r sha
re.
50. T
he m
erge
r is s
ubje
ct to
bid
der s
hare
hold
er a
ppro
val a
s it c
onst
itute
s a C
lass
1 tr
ansa
ctio
n un
der t
he Li
stin
g Ru
les a
nd in
ord
er to
aut
horis
e th
e is
suan
ce o
f the
new
Pad
dy P
ower
Be
tfai
r sha
res.
51.
Padd
y Po
wer
’s in
terim
resu
lts a
nnou
ncem
ent f
or th
e si
x m
onth
s end
ed 3
0 Ju
ne 2
015
cons
titut
es a
pro
fit fo
reca
st a
nd w
as re
port
ed o
n by
KPM
G a
nd M
orga
n St
anle
y in
acc
orda
nce
with
Rul
e 28
.1(a)
of t
he Ta
keov
er C
ode.
52
. QFB
S re
port
ed o
n by
KPM
G a
nd M
orga
n St
anle
y as
requ
ired
by R
ule
28.1(
a) o
f the
Take
over
Cod
e.
20
Targ
et (M
arke
t)
Bidd
er
Bid value
Bid premium**
Recommended
Profit Forecast/QFBS
Shareholder vote
Matching/Topping Rights****
Non-solicit undertakings****
Formal Sale Process
Offer-related Arrangements
Scheme
Partial Offer
Offer***
Mix and match
Other consideration
Shares (L/U/A)
Cash
Rule 9 offer
Hostile/No recommendation
Appendix: Announced* UK takeover bids (1 January to 31 December 2015) Continued
Amlin
plc
(Mai
n M
arke
t)M
S&AD
Insu
ranc
e G
roup
H
oldi
ngs,
Inc.
£3.4
68 b
36%
••
••C
•Je
lf G
roup
plc
(AIM
)M
arsh
& M
cLen
nan
Com
pani
es, In
c.£2
58 m
4%•
••
•C•53
Alka
ne E
nerg
y pl
c (A
IM)
Balfo
ur B
eatt
y In
fras
truc
ture
Par
tner
s, L.P
.£6
1.37
m44
%•
••
•C
◊54•55
•D
ensi
tron
Tech
nolo
gies
pl
c (A
IM)
Qui
xant
plc
£7.6
6 m
29.4
%•
••
Hel
lerm
ann
Tyto
n G
roup
PLC
(M
ain
Mar
ket)
Del
phi A
utom
otiv
e PL
C£1
.07
b44
.5%
••
••C
Poly
us G
old
Inte
rnat
iona
l Li
mite
d (M
ain
Mar
ket)
Wan
dle
Hol
ding
s Lim
ited,
co
ntro
lled
by M
r Sai
d Ke
rimov
US$
9 b
(app
rox.
£5
.93
b)2%
••56
•57
53. N
on-s
olic
itatio
n un
dert
akin
gs g
iven
by
each
of t
he n
on-d
irect
or sh
areh
olde
rs th
at g
ave
irrev
ocab
le u
nder
taki
ngs t
o vo
te in
favo
ur o
f the
sche
me.
54. T
arge
t and
bid
der e
nter
ed in
to a
mem
oran
dum
of u
nder
stan
ding
sett
ing
out d
etai
ls in
resp
ect o
f the
shar
e in
cent
ive
sche
mes
of t
he ta
rget
and
pro
posa
ls to
be
mad
e to
par
ticip
ants
in
acc
orda
nce
with
Rul
e 15
of t
he Ta
keov
er C
ode.
55. N
on-s
olic
itatio
n un
dert
akin
gs g
iven
by
each
of t
he n
on-d
irect
or sh
areh
olde
rs th
at g
ave
irrev
ocab
le u
nder
taki
ngs t
o ac
cept
the
offe
r.56
. A fa
cilit
y is
to b
e m
ade
avai
labl
e un
der w
hich
targ
et sh
areh
olde
rs w
ill b
e ab
le to
ele
ct to
rece
ive
the
offe
r con
side
ratio
n in
GBP
rath
er th
an U
SD.
57.
Elig
ible
GD
R ho
lder
s will
be
able
to p
artic
ipat
e in
the
offe
r.
21
Targ
et (M
arke
t)
Bidd
er
Bid value
Bid premium**
Recommended
Profit Forecast/QFBS
Shareholder vote
Matching/Topping Rights****
Non-solicit undertakings****
Formal Sale Process
Offer-related Arrangements
Scheme
Partial Offer
Offer***
Mix and match
Other consideration
Shares (L/U/A)
Cash
Rule 9 offer
Hostile/No recommendation
Xcha
ngin
g pl
c (M
ain
Mar
ket)
Capi
ta p
lc£4
12 m
44%
•58•
••CR
Infin
is E
nerg
y pl
c (M
ain
Mar
ket)
Terr
a Fi
rma
Inve
stm
ents
(G
P) 2
Lim
ited
£555
m40
.4%
••
•
APR
Ener
gy p
lc (M
ain
Mar
ket)
Fairf
ax F
inan
cial
Hol
ding
s Li
mite
d, A
CON
Inve
stm
ents
LL
C an
d Al
brig
ht C
apita
l M
anag
emen
t LLC
£165
m87
.7%
••
••C
•59•60
•61
OpS
ec S
ecur
ity G
roup
plc
(A
IM)
Inve
stco
rp B
ank
B.S.
C.£6
6.7
m69
%•
••
•62•63
Ener
gy Te
chni
que
plc
(AIM
)Vo
lutio
n G
roup
plc
£9.2
5 m
10.4
%•
••
•
58. I
nitia
lly re
com
men
ded.
59. A
dditi
onal
ly, th
e irr
evoc
able
und
erta
king
s of s
hare
hold
ers L
ee M
unro
, JCL
A Ca
yman
Lim
ited,
SCI
P an
d AD
A co
ntai
n a
notifi
catio
n un
dert
akin
g in
the
even
t of a
n ap
proa
ch b
y a
third
pa
rty.
60. M
atch
ing
right
s in
the
irrev
ocab
le u
nder
taki
ng g
iven
by
Gen
eral
Ele
ctric
.61
. The
targ
et m
anag
emen
t tea
m e
nter
ed in
to in
cent
ivis
atio
n ar
rang
emen
ts u
nder
whi
ch m
embe
rs o
f the
team
will
exc
hang
e th
eir e
xist
ing
shar
ehol
ding
s in
the
targ
et fo
r sha
res i
n bi
dco
and
beco
me
boun
d by
a sh
areh
olde
rs’ a
gree
men
t. Th
ese
arra
ngem
ents
are
subj
ect t
o ta
rget
shar
ehol
der a
ppro
val u
nder
Rul
e 16
.2 o
f the
Cod
e.62
. Add
ition
ally,
the
shar
ehol
ders
’ irre
voca
ble
unde
rtak
ings
cont
ain
a no
tifica
tion
unde
rtak
ing
in th
e ev
ent o
f any
app
roac
h by
a th
ird p
arty
.63
. 1) B
idco
ent
ered
into
a co
nditi
onal
bin
ding
arr
ange
men
t with
the
sole
trus
tee
of th
e O
pSec
Sec
urity
Gro
up E
mpl
oyee
Trus
t (th
e Tr
uste
e). O
n th
e sc
hem
e be
com
ing
effe
ctiv
e, th
e Tr
uste
e w
ill tr
ansf
er it
s 2,5
14,4
29 O
pSec
ord
inar
y sh
ares
(rep
rese
ntin
g ap
prox
imat
ely
2.1%
of t
he O
pSec
votin
g sh
ares
) to
bidc
o in
exc
hang
e fo
r the
issu
e an
d al
lotm
ent t
o th
e Tr
uste
e by
bid
co o
f 2,8
26,11
5 B
ordi
nary
shar
es (r
epre
sent
ing,
in a
ggre
gate
, app
roxi
mat
ely
2.4%
of t
he is
sued
ord
inar
y sh
are
capi
tal o
f bid
co a
s at s
uch
date
). 2)
Opt
ion
exch
ange
agr
eem
ent i
n re
spec
t of o
utst
andi
ng o
ptio
ns g
rant
ed in
favo
ur o
f sev
eral
seni
or e
mpl
oyee
s of t
he O
pSec
gro
up. B
oth
arra
ngem
ents
requ
ire a
ppro
val o
f the
inde
pend
ent s
hare
hold
ers i
n ac
cord
ance
w
ith R
ule
16.2
of t
he C
ode.
Q4
22
Targ
et (M
arke
t)
Bidd
er
Bid value
Bid premium**
Recommended
Profit Forecast/QFBS
Shareholder vote
Matching/Topping Rights****
Non-solicit undertakings****
Formal Sale Process
Offer-related Arrangements
Scheme
Partial Offer
Offer***
Mix and match
Other consideration
Shares (L/U/A)
Cash
Rule 9 offer
Hostile/No recommendation
Appendix: Announced* UK takeover bids (1 January to 31 December 2015) Continued
SABM
iller
plc
(Mai
n M
arke
t)An
heus
er-B
usch
InBe
v SA
/NV
£71 b
50%
••
•U64
•65•CR
◊66 ◊67
•68•69
Japa
n Re
side
ntia
l In
vest
men
t Com
pany
Li
mite
d (A
IM)
The
Blac
ksto
ne G
roup
L.P.
£152
.6 m
31.8
%•
••70
◊71•72
Cabl
e &
Wire
less
Co
mm
unic
atio
ns P
lc (M
ain
Mar
ket)
Libe
rty
Glo
bal p
lc£3
.6 b
50%
••L
•73•CR
•74•75
64. T
arge
t sha
reho
lder
s may
ele
ct to
rece
ive
a pa
rtia
l unl
iste
d sh
are
alte
rnat
ive
inst
ead
of fu
ll ca
sh co
nsid
erat
ion.
Thi
s mus
t be
in re
latio
n to
thei
r ent
ire sh
areh
oldi
ng o
f sha
res a
nd n
ot
part
onl
y. Th
e pa
rtia
l sha
re a
ltern
ativ
e is
lim
ited
to 3
26,0
00,0
00 R
estr
icte
d Sh
ares
and
£2,
545,
387,8
24 in
cash
. To
the
exte
nt th
at e
lect
ions
for t
he p
artia
l sha
re a
ltern
ativ
e ca
nnot
be
satis
fied
in fu
ll, th
ey w
ill b
e sc
aled
bac
k pr
o ra
ta a
nd th
e ba
lanc
e sa
tisfie
d in
cash
. The
Res
tric
ted
Shar
es w
ill b
e co
nver
tible
at t
he e
lect
ion
of th
e ho
lder
into
new
ord
inar
y sh
ares
in
New
co o
n a
one-
for-o
ne b
asis
from
the
fifth
ann
iver
sary
of c
ompl
etio
n. S
ABM
iller
shar
ehol
ders
on
the
Sout
h Af
rican
Reg
iste
r who
opt
for t
he p
artia
l sha
re a
ltern
ativ
e w
ill re
ceiv
e th
e ca
sh e
lem
ent i
n So
uth
Afric
an R
and.
65. H
olde
rs o
f Tar
get A
DRs
will
be
able
to p
artic
ipat
e in
the
sche
me
of a
rran
gem
ent.
66. B
idde
r ent
ered
a ta
x m
atte
rs a
gree
men
t with
Altr
ia (o
ne o
f the
larg
est s
hare
hold
ers o
f tar
get),
und
er w
hich
New
co w
ill p
rovi
de a
ssis
tanc
e an
d co
-ope
ratio
n to
, and
will
giv
e ce
rtai
n re
pres
enta
tions
, inde
mni
ties a
nd u
nder
taki
ngs t
o, A
ltria
in re
latio
n to
cert
ain
mat
ters
that
are
rele
vant
to A
ltria
und
er U
S ta
x le
gisl
atio
n. T
his r
epla
ces a
n ex
istin
g ta
x m
atte
rs
agre
emen
t bet
wee
n Al
tria
and
SAB
Mill
er.
67. B
idde
r ent
ered
an
info
rmat
ion
right
s agr
eem
ent w
ith A
ltria
, und
er w
hich
New
co w
ill sh
are
cert
ain
info
rmat
ion
to e
nabl
e Al
tria
to co
mpl
y w
ith it
s fina
ncia
l rep
ortin
g, fi
nanc
ial
cont
rols
and
fina
ncia
l pla
nnin
g re
quire
men
ts a
s the
y ap
ply
to A
ltria
’s in
vest
men
t in
New
co. T
his w
ill re
plac
e an
exi
stin
g re
latio
nshi
p ag
reem
ent b
etw
een
Altr
ia a
nd S
ABM
iller
.68
. App
rova
l of b
idde
r sha
reho
lder
s req
uire
d un
der B
elgi
an la
w.
69. T
he Q
FBS
has b
een
repo
rted
on
by D
eloi
tte
LLP
and
Laza
rd &
Co.
as r
equi
red
by R
ule
28.1(
a) o
f the
Take
over
Cod
e.70
. The
sche
me
of a
rran
gem
ent w
ill b
e go
vern
ed b
y G
uern
sey
law
and
will
be
subj
ect t
o th
e ju
risdi
ctio
n of
the
Gue
rnse
y co
urts
.71
. Bi
dder
ent
ered
into
an
asse
t man
agem
ent t
rans
ition
agr
eem
ent w
ith th
e sh
areh
olde
rs o
f K.K
. Hal
ifax
Asse
t Man
agem
ent (
the
exte
rnal
man
ager
of t
he w
ider
targ
et g
roup
’s pr
oper
ty
port
folio
) (As
set M
anag
er) a
nd K
.K. H
alifa
x M
anag
emen
t Lim
ited.
Thi
s gov
erns
the
term
inat
ion
and
tran
sitio
nal a
rran
gem
ents
in re
spec
t of a
sset
man
agem
ent s
ervi
ces p
rovi
ded
to
the
wid
er ta
rget
gro
up (A
sset
Man
agem
ent T
rans
ition
Agr
eem
ent)
.72
. The
Ass
et M
anag
emen
t Tra
nsiti
on A
gree
men
t req
uire
s app
rova
l by
an o
rdin
ary
reso
lutio
n of
the
inde
pend
ent t
arge
t sha
reho
lder
s und
er R
ule
16 o
f the
Cod
e.73
. Str
uctu
re in
clud
es a
pro
pose
d cr
oss-
bord
er m
erge
r und
er th
e EU
Cro
ss-B
orde
r Mer
gers
Dire
ctiv
e.74
. The
acq
uisi
tion
by b
idde
r of t
arge
t sha
res f
rom
CH
LLC
(a sh
areh
olde
r of t
arge
t con
nect
ed to
bid
der),
bei
ng a
subs
tant
ial p
rope
rty
tran
sact
ion
unde
r sec
tion
190
of th
e Co
mpa
nies
Act
20
06, a
nd th
e is
sue
of b
idde
r sha
res t
o ta
rget
shar
ehol
ders
requ
ire a
ppro
val b
y bi
dder
shar
ehol
ders
.75
. The
QFB
S ha
s bee
n re
port
ed o
n by
Ern
st &
Youn
g LL
P, Ev
erco
re P
artn
ers I
nter
natio
nal L
LP a
nd J.
P. M
orga
n Li
mite
d as
requ
ired
by R
ule
28.1(
a) o
f the
Cod
e.
23
Targ
et (M
arke
t)
Bidd
er
Bid value
Bid premium**
Recommended
Profit Forecast/QFBS
Shareholder vote
Matching/Topping Rights****
Non-solicit undertakings****
Formal Sale Process
Offer-related Arrangements
Scheme
Partial Offer
Offer***
Mix and match
Other consideration
Shares (L/U/A)
Cash
Rule 9 offer
Hostile/No recommendation
Dar
ty p
lc (M
ain
Mar
ket)
Gro
upe
Fnac
S.A
.£5
58 m
33%
••
•L76•
•CR•
••77
Xcha
ngin
g pl
c (M
ain
Mar
ket)
Com
pute
r Sci
ence
s Co
rpor
atio
n£4
80 m
72%
••
••C
•IS
G p
lc (A
IM)
Cath
exis
Hol
ding
s, LP
£70.
8 m
17.2
%•
••
Plet
hora
Sol
utio
ns H
oldi
ngs
plc
(AIM
)Re
gent
Pac
ific
Gro
up
Lim
ited
£95.
94 m
323.
7%•
•L•
•R•78
Inte
rBul
k G
roup
plc
(AIM
)D
en H
arto
gh H
oldi
ng B
.V.£4
2.1 m
125%
••
•◊79
76. P
artia
l cas
h al
tern
ativ
e in
a m
axim
um a
ggre
gate
am
ount
of £
66,6
86,3
21.
77.
The
QFB
S ha
s bee
n re
port
ed o
n by
Ern
st &
Youn
g LL
P an
d N
. M. R
oths
child
& S
ons L
imite
d as
requ
ired
by R
ule
28.1(
a) o
f the
Cod
e.78
. Ap
prov
al o
f bid
der s
hare
hold
ers r
equi
red
as b
id co
nstit
utes
a “v
ery
subs
tant
ial a
cqui
sitio
n” a
nd a
“con
nect
ed tr
ansa
ctio
n” u
nder
the
Hon
g Ko
ng S
tock
Exc
hang
e Ru
les.
79. T
arge
t and
bid
der e
nter
ed in
to a
lett
er a
gree
men
t rel
atin
g to
the
satis
fact
ion
of th
e co
nditi
ons t
hat r
elat
e to
ant
itrus
t cle
aran
ces.
Ref: D/5985
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