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The strategy behind the success of a takeover bid

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Torrente Fernando
Fernando Torrente

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Ruiz-Camara Ignacio
Ignacio Ruiz-Camara

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Mendez Teresa
Teresa Mendez

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Madrid

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19 May 2021

Allen & Overy has published, in collaboration with Georgeson, a practical “Guide on the strategy behind the success of a takeover bid”, which provides guidance on managing these types of transactions.

Traditionally, the Spanish market has not been considered as very active when it comes to the launching of takeover bids. However, the trend is shifting exponentially, which implies that there are important changes in the market landscape and dynamics.

In the last four years, takeover bids in Spain have increased significantly, accounting for nearly 30% of all M&As in Spain since the 2007 Royal Decree 1066, which changed the regulation of securities acquisition. It is also possible to anticipate that this growth is going to consolidate.

Taking all of this into account, this guide aims to be a practical document that may provide clarity to a complex process and that helps investors and any other stakeholder involved in these types of transactions to navigate the current uncertainties, both regulatory and market.

The guide addresses the roles of listed (target) companies, analyses the mechanics behind takeover bids and is illustrated with examples.