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Jurisdiction(s):
United Kingdom
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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 2021: analysis of 53 firm offers, P2P dominance, overseas bidders, hostile/competing bids, and Takeover Code and National Security and Investment Act developments, with 2022 outlook

Practice notes
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ARCHIVED: This Practice Note is archived and is not being maintained. The Market Standards trend report delivers detailed examination of the 53 firm offers, 52 possible offers and five formal sale processes and/or strategic reviews announced by main market and AIM issuers falling within the takeover Code (Code) during 2021. It offers insight on public M&A patterns and what we and our contributors anticipate for 2022 and thereafter.

What does the Market Standards trend report cover?

Topics covered include:

  • outlook for 2022
  • deal value and volume
  • deal structure
  • hostile, competing and mandatory offers
  • P2P transactions
  • UK and overseas bidder activity
  • industry focus
  • engagement by shareholders and other stakeholders
  • legal and regulatory developments

The report features analysis of notable transactions, such as the £7.1bn competing bids for Wm Morrison Supermarkets, the £3.5bn consortium proposal for Signature Aviation and the £2.7bn offer for DMGT by the Rothermere family.

What are the highlights from the report?

Public M&A activity rose significantly in 2021 with 53 firm offers announced (2020: 42 firm offers) and a combined deal value of £65.2bn (2020: £35.2bn). There were notably elevated levels...

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Web page updated on 27/05/2026

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