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Jurisdiction(s):
United Kingdom
Key definition
Main Market definition

What does Main Market mean? In UK capital markets practice, the Main Market is the london stock exchange’s primary venue for trading listed securities. It is a regulated market under FSMA and UK MiFIR, but “Main Market” is an LSE market name rather than a statutory definition. The market includes: securities admitted to the Official List under the UK Listing Rules (including the single equity shares category that replaced the former Premium and Standard segments), the Specialist Fund Segment, the Shanghai–London Stock Connect Segment, and the High Growth Segment (now closed to new admissions). Issuers seeking admission to trading must comply with the...

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UK Public M&A 2020 under the Takeover Code: Deal Trends, P2P and Overseas Bidders, COVID-19 Impact, Legal and Regulatory Developments, and 2021 Outlook

Practice notes
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ARCHIVED: This content was published in 2021 and is not maintained.

The Market Standards trend report delivers detailed examination of the 42 firm offers, 45 possible offers and 13 formal sale processes and/or strategic reviews announced by Main Market and AIM companies subject to the Takeover Code in 2020. It shares insight on public M&A patterns and what we and our contributors anticipate for 2021 and beyond.

What does the Market Standards trend report cover?

Topics explored include:

  • transaction value and volume
  • transaction structures
  • hostile, rival and mandatory bids
  • P2P transactions
  • domestic and international bidder Activity
  • sector focus
  • post-offer statements of intention (POI statements) and COVID-19
  • legal and regulatory changes
  • outlook for 2021

The report also studies high‑profile deals, such as Intact Financial and Tryg’s £7.2bn bid for RSA Insurance Group, GardaWorld’s £3.7bn hostile bid for G4S, Allied Universal’s £3.8bn rival bid for G4S, and Caesar Entertainment’s £2.9bn offer for William Hill.

What are the highlights from the report?

Public M&A activity rose sharply in H2 2020 relative to the first half of the year as global markets...

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Giles Distin
Giles Distin

Giles is a Partner in the Corporate Finance Group of Addleshaw Goddard's London office. He is an expert in advising on UK securities regulation and on UK listed company transactions, including takeovers and other regulated M&A transactions (cross-border and domestic), initial public offerings, reverse takeovers and public equity fundraisings involving companies listed on the Main Market or AIM market of the London Stock Exchange. Giles was seconded for two years to the UK Takeover Panel and is one of a select number of lawyers in the UK with cutting edge experience of takeovers gained both in private practice and at the competent authority for regulating takeovers and mergers in the UK. Whilst in private practice, Giles has advised on over 50 public takeover bids....

Simon Wood
Simon Wood

Simon is a corporate finance partner with Addleshaw Goddard and regularly advises public companies on the full range of transactions on the Main Market and AIM. He has particular expertise in public M&A having recently returned from a two year secondment as Secretary to the Takeover Panel, where he was responsible for regulating the most significant recent M&A transactions. He was also involved in all the major decisions and policies made during that time and as a consequence has a unique insight into the manner in which the Takeover Code is applied by the Panel on a day to day basis....

Simon Allport
Simon Allport

Simon is a partner in Bird & Bird's international corporate group. Based in London, he advises on a wide range of public and private M&A transactions and equity capital markets transactions. Simon has an intimate knowledge of the UK's Takeover Code, having been seconded to the Takeover Panel earlier in his career and has advised numerous clients in a variety of sectors over the years on both hostile and recommended deals. Simon also advises both corporates and financial advisers on a wide range of general corporate, company law and regulatory matters across the financial services, aviation, life sciences and media sectors. Simon is consistently ranked as a leading individual for Corporate Finance work by Chambers & Partners and the Legal 500....

Alison Smith
Alison Smith

Alison is a partner in the corporate group based in London. She advises on a broad range of corporate transactions, including public and private mergers and acquisitions, private equity investments and disposals, joint ventures and restructurings. She has a particular focus on complex cross-border M&A....

Selina Sagayam
Selina Sagayam

Selina S Sagayam is the Head of UK Transactional Practice Development in the London office of international law firm, Gibson, Dunn & Crutcher. She is an English qualified lawyer who joined the firm as a partner in 2007. Selina is recognised as an expert in the field of public takeovers and corporate governance. Ms. Sagayam was named in the London Top 50 Women section of Super Lawyers UK 2013. She has been highlighted as a leading lawyer in the field of corporate law in the 2012 'The Lawyer Hot 100' report. In addition, Ms. Sagayam is recommended as a leading lawyer in the field of Corporate/M&A by UK Legal Experts (2011-2012), recommended for 'Flotations: small and mid-cap' by The Legal 500 UK 2011 and listed in the International Who's Who of Corporate Governance Lawyers 2010 and 2011. Based on...

Adam Cain
Adam Cain

Adam has a particular focus on public M&A activity, having advised on six public takeovers during the course of the last year.

Julian Stanier
Julian Stanier chambers

Julian Stanier is a lawyer specialising in corporate finance and mergers and acquisitions. He joined the firm in October 2017 having gained over 20 years' experience at two other international firms. He advises international and UK issuers and investment banks on IPOs and secondary offerings in London (both on the Main Market and AIM) and internationally. He specialises in UK public company takeovers and cross border and domestic mergers and acquisitions. Julian is recommended by both Chambers and Legal 500. In 2007 he featured in The Lawyer magazine's Hot 100....

Tom Matthews
Tom Matthews

Tom Matthews is a partner in the Firm's M&A and Corporate Practice in the London Office. He advises corporates, investment banks and private equity and activist funds on international public and private M&A transactions, primary and secondary equity raisings and sell-downs, joint ventures and listed company advisory and corporate governance matters. Prior to joining White & Case, Tom worked for a London magic circle firm and another major international law firm for 14 years....

Dominic Ross
Dominic Ross

Dominic is a partner in White & Case's M&A and Corporate Practice based in the London office. He regularly advises both corporate clients and investment banks on a wide variety of M&A, equity capital markets, Listing Rule and Takeover Code transactions, as well as corporate governance matters. Dominic has spent time on secondment with Citi's ECM legal team. Dominic has a particular focus on large, complex, cross border M&A transactions involving UK public companies, and has been recommended by the Legal500 for M&A ' upper mid-market and premium deals. Dominic also has sector expertise in the healthcare, gaming and consumer and retail industries....

Patrick Sarch
Patrick Sarch , Partner

Patrick is a senior partner in the London Corporate & Finance practice at Hogan Lovells and is co-head of the firm's UK M&A practice. He has more than 25 years' experience advising clients on corporate finance, domestic, and cross-border public company M&A (with extensive experience in competitive and hostile situations), innovative structuring, the Takeover Code, disclosure issues, securities law and the Listing Rules, as well as secondary issues and capital restructuring. In recent years, he has developed a strong "activism" practice, having advised both companies and activist shareholders on a number of leading ESG, strategic, and M&A-related campaigns and disputes. Patrick has very broad experience of advising businesses and investors through their full life cycle, from start-up to wind-up, via strategic investment, IPO, merger and redomiciliation and has helped rescue many from near death...

Web page updated on 27/05/2026

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