Returns of Value

Our key experience includes advising on:

on-market principal tender offers at strike price (Marks and Spencer in response to a possible hostile offer by Philip Green. This was the first tender offer to be conducted through CREST).

the first agency-cross (Northern Electric).

fixed price tender structures (Reuters).

on-market principal structures (Barclays Bank/BAE Systems/BHP Billiton).

on-market agency tender offers at strike price (Tomkins and Blue Circle as part of its successful defence strategy against a hostile offer by Lafarge).

off-market tender offer at or below the lowest price fixed by a reverse book-build (BHP Billiton).

hybrid of a bond repurchase and a typical equity share repurchase (Standard Chartered).

renewal during a single 12-month period of on-market purchase authority below tender offer trigger resulting in an aggregate annual authority of 20% (Whitbread).

B share: capital reorganisation repurchase offers (Thorn/Thames Water), bonus issues/redemptions (Diageo/BTR/Psion) and bonus issue repurchase offers (Whitbread/3i/Smiths Group/Kelda).

Put Warrants (GEC Holdings).

Reductions of Capital (Filtrona/BOC Group/Courtaulds).

New Holdco Schemes (Shire/Reuters/Marks and Spencer).