The first offer announced under the new UK Takeover Code
shows how the rules are pushing private equity firms towards
different deal structures.
According to Nick Rees, a London-based Linklaters partner,
HgCapital Funds’ agreed take-private offer for
Group NBT, a domain name management company, contained
significant changes to its terms.
The public to private deal was announced on September 23,
making it the first offer announced under the new UK takeover
regime.
A striking aspect of the deal was that HgCapital Funds had
irrevocable undertakings from 38% of the shareholders.
Rees thinks that this will become a prominent feature...