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Merger & Acquisitions - The European Lawyer Reference Series, 1st Ed 2012 - Irish Chapter

31 July 2012
Category: Legal Articles

The following article is taken from The European Lawyer Reference Book 'Mergers & Acquisitions', 1st Ed. 2012. Mason Hayes & Curran's Justin McKenna explores M&A Law in Ireland. Reproduced with permission from Thompson Reuters. © Copyright Thompson Reuters. All rights reserved. For more information, please click here.

1. MARKET OVERVIEW

1.1 Please give a brief overview of the public M&A market in your jurisdiction
The public M&A market in Ireland has been relatively quiet in 2010/2011. The last large-value completed public M&A deal in Ireland was the $1.2 billion recommended offer by scheme of arrangement (see section 2.1, below, for an explanation of this term) for SkillSoft Plc by a private equity consortium consisting of Berkshire Partners, Bain and Advent, in which Mason Hayes & Curran acted for the bidders and William Fry acted for the target, completed in June 2010. Subsequent to that, despite a number of abortive processes, the only completed public M&A transactions have been the EUR 93 million recommended offer by scheme of arrangement by US private equity firm Spectrum Equity for Trintech Plc, the EUR 217 million recommended offer by BAE Systems for Norkom Group Plc, the recommended offer by scheme of arrangement for Oglesby & Butler which was valued at only EUR 4.3 million and the recommended offer, valued at £44 million, by CR Bard for Clearstream Technologies Plc. The number of scheme of arrangement based offers has continued to exceed the number of conventional tender offers for reasons which are discussed below. There have been no hostile offers since the unsuccessful bid by Ryanair for Aer Lingus announced in December 2008.

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