Search results for

Takeover defences are in the balance

Companies are swamped with compliance work. Hedge funds and private equity might be creeping up unawares.

Equity A record for Austrian issuance European real estate company Immoeast closed a capital increase of €2.8 billion.

The Finance and Economy Committee of the National Assembly of Korea has recently passed a resolution on the Corporate Restructuring Promotion Act (the Bill). The Bill is pending deliberation by the Legislation and Judiciary Committee, and a parliamentary plenary session. If enacted, it is expected to be put into force towards the end of September 2007 and to be effective until December 31 2010.

The Securities Industry Council (SIC) announced on June 8 2007 that it has decided to extend the Singapore Code on Takeovers and Mergers to property trusts structured as collective investment schemes (Reits).

Developments in the financial market have led to the creation of financial groups, called financial conglomerates, which provide services and products in different sectors of the financial markets. Until 2002, there was no form of prudential supervision on a group-wide basis of credit institutions, insurance undertakings and investment firms that are part of a conglomerate, in particular regarding the solvency position and risk concentration at the level of the conglomerate, intra-group transactions, internal risk management processes at conglomerate level, and the fit and proper character of the management.

The Warsaw Stock Exchange, the leading stock exchange in central and eastern Europe, with the market value of e224 billion has announced the opening of a new alternative trading system: NewConnect.

The Vienna Stock Exchange (Wiener Börse) has launched a new market segment, the mid-market segment. It is specifically tailored for smaller and medium-sized enterprises with lower financing requirements.

In what it calls a significant move to principles-based regulation, the UK Financial Services Authority has made changes to its conduct of business rules.

Covenant-lites remove warning signs of potential shocks KKR and other private equity houses in the US pushed the boundaries of both takeovers and debt capital markets last month. First, predictions about the return of the tender offer appeared to be well founded when Laureate Education accepted an offer from a private consortium including KKR and Goldman Sachs. It was the biggest private equity tender offer since a key rule change last year. The SEC's amendments to the best-price rule in US tender offers became effective in December 2006. The changes increased certainty for buyers and led to predictions of an increase in the use of tender offers.