Overview

In its role as UK competition regulator, the Office of Fair Trade (OFT) has been formally investigating equity underwriting services since summer 2010. Following its investigation it has concluded to limit the scope of that investigation to follow-on share issues by FTSE 350 companies.

The OFT does make a range of recommendations for ways in which boards and institutional shareholders might seek a better deal from banks, for instance, companies could seek more advice from those with experience of raising equity, could structure appointments to ensure increased competitive tension and could simply put greater pressure on fees. Hogan Lovells highlights the key findings.

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