“The U.K absolutely leads Europe in terms of activist investing, with over 60 campaigns in the last couple years.”
Ed Bridges, Senior Managing Director
Country:
UK
Average % of insider ownership:
To learn more about this country, please click on the tabs below
The UK remains the hotbed for activist activity in Europe, and the recent fall of sterling against the U.S. dollar certainly improves the allure of British companies. The UK is usually targeted by event-driven U.S. hedge funds and alternative investors. However, in recent years institutional investors have become more active and, on occasions, formed alliances with alternative investors.
UK incorporated issuers are required to make disclosures when they reach 3 percent of total voting rights and each whole percentage point thereafter. While non-UK incorporated issuers are required to disclosure at 5, 10, 15, 20, 30, 50 and 75 percent of total voting rights.
Structural defenses are limited for UK listed companies. The majority of defenses and poison pills would constitute a breach of fiduciary duty by the directors of the company.
In the context of a possible takeover offer, the General Principles of the Takeover Code prohibits the board from denying its shareholders the opportunity to decide on the merits of a potential takeover bid and also from taking certain actions without shareholder approval during the offer period.
Top Campaigns by Type
1. Gain Board Representation
2. Removal of CEO or other Board member
3. Push for Sale of Company to third Party
Campaigns By Year
Total
Campaigns
Notable Invested Activists
• Crystal Amber
• Harwood Capital
• Elliott Management
Recent activism campaigns
| Speedy Hire plc | VS. |
Toscafund Asset Management |
| SABMiller | VS. |
Elliott Management |
| London Stock Exchange Group | VS. |
The Children's Investment Fund Management |
Total Active
Campaigns
Contact FTI Consulting
Capital Markets Research and Activist Engagement
Managing Director
+1 312 861 4721
Geoff.Serednesky@FTIConsulting.com
Senior Managing Director
+44 (0)20 3727 1067
Edward.Bridges@FTIConsulting.com
Senior Managing Director
+44 (0)79 7953 7449
Deborah.Scott@fticonsulting.com