Commercial
The number of public company takeovers conducted as schemes of arrangement has more than trebled in the last five years—saving bidders a fortune in stamp duty, says City law firm Trowers & Hamlins. Last year, according to the Takeover Panel, of a total of 144 bids subject to the Takeover Code, 33% (48) were schemes of arrangement. This compares to 10% in 2002. Trowers & Hamlins partner, Andrew Watkins, says such a scheme is attractive to bidders since only 75% of shareholders (by value) and a simple majority (in number) have to agree for the bidder to take 100% control of the company.
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