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In January 2023, there were three Rule 2.7 announcements made across the UK public M&A market and a further two possible offers announced.
M&A in 2023: Headwinds, tailwinds and fog
We have published our annual global M&A report: ‘M&A in 2023: Headwinds, tailwinds and fog’.
2022 was a ‘tale of two halves’ for M&A activity. While global M&A saw record levels of dealmaking in the first half of the year, the second half experienced a considerable slowdown as the market was impacted by the war in Ukraine, inflationary pressures, rising interest rates and political uncertainty.
The question now is whether the markets can fully absorb our current perma-crisis state, with once-in-a-generation events erupting with disturbing frequency. M&A markets are not closed, and we are seeing a rebuilding of experience of transacting M&A within more challenging conditions. There also remain good reasons that transactions have proceeded amid a turbulent environment.
Our report explores some of the most important legal issues for dealmakers in the current disruptive environment:
If you download the full report, you will also find insights from colleagues around the world on their experiences of M&A in 2022 and the outlook for 2023, as well as a closer look at M&A in various sectors including pharma, energy, tech and insurance.
Public M&A deal activity this January marks a relatively slow start to the year in terms of the total number of offers made, with just three firm offers and a further two possible offers being announced. This decline in deal volume follows suit with the general decline in dealmaking seen across Q4 in 2022. However, deals are still being done and there remains an appetite for public M&A across the market. For example, it is interesting to note that all firm offers announced this month were structured as being public to private, perhaps forecasting an uptick in P2P activity this year if interest rates level out, following an unusually quiet period for PE bidders in 2022. |
The contents of this publication are for reference purposes only and may not be current as at the date of accessing this publication. They do not constitute legal advice and should not be relied upon as such. Specific legal advice about your specific circumstances should always be sought separately before taking any action based on this publication.
© Herbert Smith Freehills 2023
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