Bid-rigging meaning

This Checklist is for the offeror and its advisers, outlining preliminary actions and considerations ahead of announcing an offer and issuing the offer/scheme document. It addresses preparation, bid planning, due diligence, announcements and other connected matters. This is not a complete Checklist; what is required will turn on the precise features of the transaction. Any references to Rules are to the rules of the City Code on Takeovers and Mergers (the Code). Preparatory steps Appoint principal advisers (financial adviser, legal adviser, brokers, public relations consultants, etc). Prior to a bid—the offeror Hold the offeror’s initial board meeting. Constitute a capable offer committee with appropriate delegated authority from the board. Confirm there are no regulatory or commercial conflicts of interest. Identify all concert parties (and affiliated persons). Acting in concert Ensure all participants understand the secrecy requirements: financial advisers should, at the very start of discussions, alert clients to the critical importance of confidentiality...

FORTHCOMING CHANGE relating to the modernisation of stamp taxes on shares framework: In 2027, stamp duty and SDRT are set to be replaced by a single, self-assessed charge on securities—the securities transfer charge (STC)—to be paid and reported via a new online portal. The STC’s core features are expected to broadly align with the proposals consulted on in 2023. Finance Bill 2026 (FB 2026) provides a power, effective from Royal Assent, to introduce secondary legislation so taxpayers can test the digital service by self-assessing their stamp taxes on securities obligations and reporting transactions electronically through that service. For more on the modernisation of stamp taxes on securities, see: News Analyses: Budget 2025—Tax analysis—Stamp and transfer taxes Tax update spring 2025—Stamp taxes on shares modernisation Tax update spring 2025—Tax analysis—Stamp and transfer taxes TAMD 2023—Stamp taxes on shares modernisation TAMD 2023—consultation—stamp taxes on shares Tax Administration and Maintenance Day—27 April 2023—Stamp and transfer taxes...

This flowchart supports a tenant’s bid to extend a lease under the Leasehold Reform, Housing and Urban Development Act 1993 (LRHUDA 1993). It explains the procedure beginning with service of the tenant’s section 42 notice, then the landlord’s section 45 counter-notice, and the time limits for issuing applications to the First-tier Tribunal (FTT) (or, in Wales, the Leasehold Valuation Tribunal (LVT)), and/or to the County Court where required. Note 1 See Practice Note: Guide to lease extensions of flats under the Leasehold Reform, Housing and Urban Development Act 1993—Preparation for securing a lease extension...

This Flowchart helps you decide whether the Business & Property Courts (B&PCs) Disclosure Scheme (CPR PD 57AD) applies to your claim, or if disclosure is governed by CPR 31, CPR PD 31A and CPR PD 31B. It does not address the position on: transfer of proceedings from a non‑Disclosure Scheme scenario to a Disclosure Scheme one; and disclosure in appeals Relevant content referred to in this Flowchart: Disclosure Scheme—when and where it applies Disclosure—overview Business and Property Courts Disclosure Scheme—Extended Disclosure Disclosure Scheme—Extended Disclosure and Less Complex Claims See also: Disclosure Scheme (Business & Property Courts)—overview...

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CureVac On 27 March 2025, CureVac announced that the EPO has formally permitted it to retain a revised version of its mRNA technology patent. As of 28 March 2025, the EPO’s full written decision was not yet publicly available. In a statement, Alexander Zehnder, CureVac’s Chief Executive, said the bid to secure the patent is a ‘multi-step process’ in Europe and the US. He added that the ruling is a significant milestone on a journey they expect will result in acknowledgement of CureVac’s substantial contribution to safe and effective COVID-19 vaccines as one of the earliest pioneers of mRNA technology...

In this issue: Investigating criminal conduct Decision to prosecute and alternatives to prosecution Sentencing Bribery, corruption, sanctions and export controls Cybercrime and data protection offences Environmental offences Financial services and pensions offences Food safety and hygiene offences Fraud, forgery, tax and theft offences Health and safety and corporate manslaughter offences Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Investigating criminal conduct Whistleblowing in the UK—Still a long road ahead Rahman Ravelli’s legal director, Dr Angelika Hellweger, together with associate, Tatiana Novikova, examine how the UK handles whistleblowing. They map out the present UK statutory position and other relevant mechanisms, assess the scope of the safeguards they afford, and set these against the options open to whistleblowers in the United States of America. They also describe the HM Revenue and Customs (HMRC) whistleblower reward initiative announced near the end of 2025,...

This table summarises all completed investigations by Singapore’s competition authority (the Competition and Consumer Commission of Singapore—the CCCS) into alleged cartels, anti-competitive agreements and abuses of dominant positions since 2018. Note—only investigations that have been made public are included in this table. 2025 Investigations under section 34 of the Competition Act Remittance services — ZGR Global; Hanshan Issues: Restrictive agreement—information exchange Developments: Decision finding infringement—31/07/2025; penalties totalling $5.36m imposed Contracting — Trust-Build Engineering & Construction Pte. Ltd; Hunan Fengtian Construction Group Co. Ltd Issues: Restrictive agreement—bid rigging Developments: Decision finding infringement—23/05/2025; penalties totalling $4.6m imposed Investigations under section 47 of the Competition Act The CCCS has not yet issued any decisions under section 47 in 2025 2024 Investigations under section 34 of the Competition Act Remittance services — ZGR Global Pte Ltd; Hanshan...

This table summarises all public announcements made by the CMA and concurrent sector regulators of dawn raids that have been carried out into alleged breaches of competition law since 2000 under the Competition Act 1998 and/or the Enterprise Act 2002 2024: Construction (roofing services) — companies not identified; CMA; suspected restrictive agreements—bid rigging; raid in 2024. 2021: Leicester City FC merchandise — CMA; alleged restrictive agreements—price collusion; raid in 2021. 2019: Supply of construction services — CMA; collusion—bid rigging; raid in 2019. 2019: Guitars (50565-3) — Fender Musical Instruments Europe Ltd; CMA; restrictive agreements—RPM; raid on 26/03/2019. 2018: Casio (digital pianos/keyboards) (50565-2) — CMA; restrictive agreements—RPM. Headings: 2024 — Case name, companies under investigation and industry; Competition authority; Issues; Date of dawn raid. 2021 — Case name, companies under investigation and industry; Competition authority; Issues; Date of dawn raid. 2019 — Case name, companies under investigation and industry; Competition authority; Issues; Date of dawn raid. 2018 — Case name, companies...

The creation of the Competition and Market Authority (CMA) in 2013 The establishment of the Competition and Market Authority (CMA) in 2013 coincided with an overhaul of a component of the criminal cartel offence that prosecutors had to prove to convict directors and officers. When the Enterprise and Regulatory Reform Act 2013 (ERRA 2013) commenced on 1 April 2014, the dishonesty element of the cartel offence was scrapped, marking a radical change to what prosecutors had previously been required to establish. Under the revised regime, an individual commits the offence by agreeing, with one or more persons, that two or more undertakings will take part in specified prohibited cartel arrangements (price-fixing, market-sharing, bid-rigging, or limiting output), regardless of dishonesty. Any such arrangements must have occurred in the UK to be caught. As explained further below, this shift is partly offset by new exceptions, covering notification of customers, publication of arrangements, and compliance with a legal requirement, as well as defences, including that the accused did not intend to conceal...

Behaviour red flags are situations that should prompt you to probe further. Though they can be hard to spot, many scenarios can indicate the presence of anti-competitive conduct. This awareness tool highlights potential competition law warning signs, indicators, traits or behaviours to be especially alert to at all times. Even a single red flag may suggest anti-competitive conduct. 1 Cartel behaviour Any attempt to fix prices. Any attempt to engage in bid-rigging. ...

This Agreement is entered into on [ date ] Parties [ Insert name of party ] [ of OR a company incorporated in England and Wales under number [ insert registered number ] with its registered office at ] [ insert address ] (Party 1); and [ Insert name of party ] [ of OR a company incorporated in England and Wales under number [ insert registered number ] with its registered office at ] [ insert address ] (Party 2), each of Party 1 and Party 2 being a party and, together, the parties. BACKGROUND Party 1 supplies [ insert description of goods and/or services ]. Party 2 supplies [ insert description of goods and/or services ]. The parties intend to submit a Bid as a joint tender to the Customer in answer to the Invitation to Tender. The parties seek to state their obligations and manage their rights concerning the Bid and, if the...

1 By this power of attorney dated [ insert date ] I, [ insert name of director ] of [ insert address of director ], being a director of [ insert company name ] (incorporated in [England and Wales] under registered number [ insert company number ]) (the Company), appoint every other director of the Company, severally, as my true and lawful attorney (each an Attorney). Each Attorney may, on my behalf and in my name or in the Attorney's name, carry out all acts, deeds and matters, and may negotiate, approve, agree to, sign, execute and deliver any deeds, contracts, agreements, documents, undertakings and assurances which, in my personal capacity or in my capacity as a director of the Company [ or any of its subsidiaries (as appropriate) ], are necessary or required, or which the board of directors of the Company or any committee thereof (the Board) considers desirable, for or in connection with: 1.1 the proposed offer to be made by the Company for...

Dynamic Purchasing Systems A Dynamic Purchasing System (DPS) enables a contracting authority to acquire goods, services and works needed on a recurring basis without running a full public procurement exercise for every individual purchase. It provides a route to buy regularly required items efficiently while remaining compliant. A DPS is intended for sourcing common-use items that are widely available on the market and satisfy the contracting authority’s specifications. Further reading Practice Notes: Introduction to public contracts procurement and Introduction to framework agreements and dynamic purchasing systems Crown Commercial Service (CCS): Dynamic purchasing system guidance Under the Public Contracts Regulations 2015 (PCR 2015), SI 2015/102, any authority setting up a DPS must follow the rules specified and cross‑referred in PCR 2015, SI 2015/102, reg 34. In keeping with all procedures under PCR 2015, SI 2015/102, contracting authorities should also adhere to the core procurement principles, treating all DPS participants equally and without discrimination, and acting in a transparent and proportionate manner...

This Q&A focuses on public procurement under the Public Contracts Regulations 2015 (PCR 2015), SI 2015/102 As a general principle, the PCR 2015, SI 2015/102 affords bidders considerable latitude to shape bid partnerships and supply chain models to suit their approach. Under PCR 2015, SI 2015/102, reg 63(1), tenderers can draw upon the resources of other organisations to satisfy selection requirements covering economic and financial standing, along with technical and professional capability. A limited carve-out appears at PCR 2015, SI 2015/102, reg 63(7), which permits contracting authorities to stipulate that specified ‘critical tasks’ in a public services or public works contract must be carried out by the prime contractor, or by one from a consortium of primes. Put differently, suppliers are, in most cases, free to deploy their chosen subcontractors when delivering a public contract. That said, this is subject to any express exclusion within the tender documents that rules out the use of third parties for particular functions...