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The Financial Conduct Authority
- Thread starter Donzi
- Start date
I'm not sure if you mean the Competition Markets Authority or CMA? They would be the regulatory body responsible for stopping mergers and/or making sure a merger can go ahead if the merger doesn't unduly impact the market.
I believe the FCA is only notified for the purposes of a change of control and then has 60 working days to decide whether to approve the change of control.
Ashurst explains this process in a simple way in the link below:
https://www.ashurst.com/en/news-and...gulatory-issues-when-acquiring-uk-businesses/
Ultimately it will depend on company X and if you're referring to M&A in terms of company X acquiring 100% of company Y, or acquisitions in a broader sense.
Where the company has securities admitted to trading on a regulated market (XLON) then the UK Takeover Panel will oversee bids and merger transactions with a UK incorporated (or channel island incorporated) company. As always, there are certain exceptions where they will be allowed to throw their hat in the ring for 12 rounds with a private company too.
The takeover panel are independent but enforce the Takeover Code (The City Code on Takeovers and Mergers) and can ask the FCA to impose fines & injunctions on anything that isn't pursuant to the code as you might well expect.
Gibson Dunn articulate it quite well here: https://www.gibsondunn.com/wp-conte...ons/CityCodeOnTakeovers-AnUpdate-June2013.pdf
Alternatively here's a link to the Takeover Panel website: https://www.thetakeoverpanel.org.uk/the-code/download-code
Where the company has securities admitted to trading on a regulated market (XLON) then the UK Takeover Panel will oversee bids and merger transactions with a UK incorporated (or channel island incorporated) company. As always, there are certain exceptions where they will be allowed to throw their hat in the ring for 12 rounds with a private company too.
The takeover panel are independent but enforce the Takeover Code (The City Code on Takeovers and Mergers) and can ask the FCA to impose fines & injunctions on anything that isn't pursuant to the code as you might well expect.
Gibson Dunn articulate it quite well here: https://www.gibsondunn.com/wp-conte...ons/CityCodeOnTakeovers-AnUpdate-June2013.pdf
Alternatively here's a link to the Takeover Panel website: https://www.thetakeoverpanel.org.uk/the-code/download-code
