Shareholders - at least in the United Kingdom - have for a long time benefited from a clear set of rules enshrined in a Code of Practice.
The recent trend to Mega-Bids by large Buy-Out Funds that even start to combine in consortia has created a situation where most sizeable companies that have bond issues outstanding can become targets of bids.
As most Buyouts are also expected to use a substantial amount of debt capital the outstanding bond issues can be subject to downgrading by the markets and rating agencies.
The regulators and should without delay look into this problem. Including the Holders of Debt in any Takeover Code would be a just solution and support confident in the functioning of the Public Bond Markets.
Membership on the board of the PCAOB has long been one of D.C.’s most
lucrative gigs, and in his statement on the appointment process for new
board members...
2 days ago
