United KingdomBritain proposes easing listed SPAC suspension rule
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The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. REUTERS/Toby Melville
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Britain s financial watchdog on Friday proposed changing how special purpose acquisition companies (SPACs) can list as the City of London seeks to bolster its global attraction after Brexit.
After a surge in what are dubbed blank check companies on Wall Street and more recently in Europe, Britain is keen that London is not left behind.
SPACs list on an exchange and must use the proceeds to buy an existing company within a set timeframe.
Bernard Arnault helps Europe jump aboard the Spac bandwagon
The market for blank cheque firms has got off to a slow start on this side of the Atlantic – but it is growing
17 February 2021 • 6:00am
Bernard Arnault, one of the world’s wealthiest men, amassed his fortune through savvy M&A deals over a four-decade-long career, so it should come as little surprise that the LVMH boss is taking the European lead on the latest dealmaking craze: special purpose acquisition vehicles – or “Spacs”.
Spacs are types of “blank cheque” firms typically listed as a cash shell on a stock exchange with a promise to swoop on a takeover target.