THE PROBLEM OF funding pension shortfalls dominated the UK financial headlines again last month when separate bids for two well-known retail names fell through. The stand-off between the pension trustees at WH Smith and private-equity group Permira, and the collapse of Philip Green’s highly indebted bid vehicle to buy Marks & Spencer, highlighted the fact that pension deficits can now dictate the success of takeovers. These poison pills are coming higher up the agenda for any predator eyeing up a target.
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