Auctions in UK Public Bids

February 24, 2022

Cleary Gottlieb | Auctions in UK Public Bids
When a competitive situation involving two or more competing bidders for a UK-listed target continues to subsist in the later stages of the bid timetable , the Takeover Panel will intervene to organise an auction. The purpose of the auction is not to select a winning bidder, but rather to produce best and final bids from each bidder that the target shareholders can then choose between.