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David is a very experienced corporate and commercial law partner, particularly in the fields of mergers and acquisitions (both domestic and international), corporate finance and partnership law. He is fluent in French and is a member of the Advisory Council of the French Chamber of Commerce in Great Britain.
He acts for many overseas clients, including French, German, American, Canadian and Far Eastern organisations.
David is a former Governor of a Further Education College and enjoys the Arts and long country walks.
“The retail outlets-based shopping sector has had its challenges this year with the combined onslaught of online trading and Brexit uncertainty.
“The latest victim seems to have been Intu, the owner of shopping centres, from which a consortium of investors has just walked away from a bid.
“It seems that ‘good progress’ had been made in discussions between the parties as well as on the completion of due diligence. However, in the end the consortium had decided to walk away, according to Intu, because of the “uncertainty around current macroeconomic conditions and the potential near-term volatility across markets”, which had meant that the consortium could not manage to proceed with an offer within the Takeover Code timetable.
“The decision not to proceed with an offer was announced on 29th November, following on from the views from the Bank of England, warning of dire consequences of a ‘no deal’ Brexit - and the two events have unsurprisingly been linked in the media.
“This is the second time in a year that a potential bidder has decided not to proceed with a takeover offer for Intu and obviously adds to the nervousness within the retail sector.
“For lawyers, takeover bids, corporate voluntary arrangements, the impact of Brexit on cross-border deals the desire of tenants to mitigate long–term leasehold liabilities and many other associated phenomena are providing plenty of opportunities for head-scratching and innovative thinking – although contrary to popular belief, few benefit in an adverse economic environment.”
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