Peel Hunt Limited · LSE:PEEL
Peel Hunt — Q3 2023 Earnings Presentation
13 slides from Peel Hunt's earnings presentation, September 2023
Slide 1: Transactions subject to the UK Takeover Code: Q3 2023 review
Transactions subject to the UK Takeover Code Q3 2023 review SEPTEMBER 2023
Slide 2: Q3 2023 review and outlook | UK takeover activity
Q3 2023 review and outlook | UK takeover activity “ Over the third quarter, UK takeover activity continued at prior levels, with just ten firm offers announced. Eleven further companies entered offer periods at an earlier, possible offer stage, while two companies launched formal sale processes. The
Slide 3: Trends | Smaller average deal size
Trends | Smaller average deal size £2,500m 30 Commentary The last four quarters have seen the lowest average quarterly equity value per firm offer since Covid-19 (Q2 2020). 25 £2,000m Whilst there have been occasional larger transactions, such as Dechra Pharmaceuticals and Network International, mos
Slide 4: Trends | Management shareholders
Trends | Management shareholders Management teams exploring opportunities Of the offer periods commenced in Q3 2023, a common theme has been the relatively high proportion Small companies have remained in focus for UK plc takeovers, with an average undisturbed of management shareholders. Whilst not
Slide 5: UK M&A Landscape
UK M&A Landscape Disclosure table movement by announcement type and quarter end position 40 45 40 30 35 20 30 10 25 - 20 (10) 15 (20) 10 (30) 5 (40) - Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Rule 2.7 Rule 2.4 FSP Completed Rule 2.8 Lapsed/ other Total entries on the disclos
Slide 6: Global M&A landscape
Global M&A landscape 819 public M&A transactions have been announced globally L12M with a total transaction value of c.$860.8bn L12M global takeovers – public companies External commentary on market activity “There’s no disputing that the first half of this year has been challenging for many dealmak
Slide 7: Appendix
APPENDIX
Slide 8: Glossary
Glossary Term Definition Rule 2.4 A “possible offer” announcement which commences an offer period announcement Rule 2.7 A “firm offer” announcement, after which an offeror must proceed to make its offer within 28 days announcement Rule 2.8 An announcement of an intention not to make an offer for a c
Slide 9: Q3 2023 review
Q3 2023 review New offer periods started in Q3 2023 Takeover offers completed in Q3 2023 First Offeree Equity Premium Offer Form Offeree Offeree company Offeror Current status Offeror announcement company value (£m) (%) structure of offer board view Yourgene Health Novacyt S.A. Rule 2.7 Completed Co
Slide 10: Disclosure Table
Disclosure Table Q3 2023 Offeree Offeror EE board view Structure Value (£m) Form Premium (%) Total S/holders Directors Advanced Oncotherapy plc No named offeror - - 16.1 n/a - - - - Alfa Financial Software Thomas H Lee Partners - - 493 n/a - - - - Holdings Allergy Therapeutics Plc ZQ Capital Managem
Slide 11: Completed offers (1 of 2)
Completed offers (1 of 2) Last 12 months Closing Offeree Offeror OR category EE board view Structure Value (£m) Form 26/09/2023 Curtis Banks Group plc Nucleus Financial Platforms Take Private Recommended Scheme 242.1 Cash 15/09/2023 Egdon Resources plc Petrichor Partners, LP Listed strategic Recomme
Slide 12: Completed offers (2 of 2)
Completed offers (2 of 2) Last 12 months Closing Offeree Offeror OR category EE board view Structure Value (£m) Form 30/03/2023 7digital Group plc Songtradr, Inc. Private strategic Recommended Scheme 19.4 Cash 08/03/2023 Seraphine Group plc Mayfair Equity Partners LLP Take private Recommended Offer
Slide 13: Disclaimer/Risk Warning
Disclaimer/Risk Warning Peel Hunt Offices This document has been prepared by Peel Hunt LLP (“Peel Hunt”) and is for the use of the addressee only. It may not be copied or distributed to any other person without the written consent of Peel Hunt. London This document has been prepared using sources be