Quantified Financial Benefit Statements

Navigating the UK capital markets successfully around synergy and cost savings statements

Quantified Financial Benefit Statements (“QFBS”), formerly known as ‘merger benefits’ or ‘synergy statements’, are an important value driver in any public company deal.

Such statements are subject to significant regulatory disclosure and reporting requirements under the City Code on Takeovers and Mergers (the “City Code”), when made in relation to the takeover of a UK public company. Similar rules existing under the Listing Rules for Class 1 transactions by a UK public company.

In our experience, companies need to ensure:

  • A keen understanding of the rules associated with required disclosures and reporting
  • An awareness of the level of preparation and effort that will be required in advance of announcing to the market, on both the company and adviser side; and
  • An understanding of what can go wrong and how pitfalls can be best mitigated.

With this in mind, PwC has produced this short, but comprehensive brochure which summarises our views on how to successfully navigate the UK capital market requirements for synergy and cost savings statements and our views on the success factors for maximising the value of your synergies. It also sets out how we can advise and assist you throughout the entire synergies process – from pre-deal formulation; through external, independent reporting; and ultimately to post deal synergies realisation and integration.

We can support you in all stages of the synergy or cost saving process, regardless of the type of deal, and we can work with you in both an assurance and non assurance capacity.

Contact us

Ursula Newton
Partner, Capital Markets, PwC United Kingdom
Tel: +44 (0)7710 027 583
Email

Andrew Broad
Partner, Value Creation in Deals, PwC United Kingdom
Tel: +44 (0)7803 858 592
Email

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