Public M&A EP2: Standards of disclosure on public M&A

A number of recent rulings have focused on what has to be disclosed to shareholders on an M&A transaction. The most high profile of these is the recent decision in relation to the acquisition of HBOS by Lloyds, where shareholders claimed that Lloyds and its directors had failed to disclose relevant information in the shareholder circular. In this episode we discuss:- what information should be disclosed to shareholders on M&A- tips for boards and their advisers preparing shareholder documentation on a takeover- the concept of material contracts- the consequences of getting it wrong.Speakers: Mark Bardell and Antonia Kirkby