Hostile takeover battles are making a comeback in the UK as stability returns to the market and well-positioned predators regain the confidence to make opportunistic plays for their weakened rivals. Vulnerable companies and those defending against hostile approaches rely on their M&A advisers to help fend off unwanted approaches or ensure the best possible price and terms if a deal transpires.

However, unlike in the US, the tools available to defence advisers here are limited by Takeover Panel rules and corporate governance standards that explicitly prohibit the inequitable treatment of shareholders and therefore the adoption of pre-emptive measures.