Shearman & Sterling LLP
Issue link: https://digital.shearman.com/i/1494420
Overview Public to Private Transactions – What You Need To Know 53 • Typical transaction: • Control of a U.K. plc passing from public hands to a private concern • Bidder can be a strategic, PE sponsor or sponsor-led consortium • Debt funded at least in part • Take privates by controlling shareholders also feature • U.K. framework: • Governed by City Code on Takeovers and Mergers • Spirit and letter of the Takeover Code must be observed • Rules and principles-based • Administered by the Panel on Takeovers and Mergers