White & Case LLP, London 2026 Summer review: M&A legal and market developments; FCA fines for inaccurate results

2026 Summer review: M&A legal and market developments alert | White & Case LLP

2026 Summer review: M&A legal and market developments alert

We set out below a number of interesting English and European court decisions and market developments which have taken place and their impact on M&A transactions. Our review looks at these developments and gives practical guidance on their implications. The full report can be downloaded from the link at the bottom of this page.

Breach of duty to promote success where a director covertly pursues their own strategy contrary to the board’s decisions

Breach of directors’ duties where an individual director acts against a transaction behind the board’s back for personal purposes

Failure of shareholder claims despite breaches of statutory pre-emption rules

Claim for unpaid share subscription time-barred

Reviewable transactions at an undervalue: meaning of “transaction”

Creditors’ interests duty may be triggered by either balance sheet or cash flow insolvency

Claim in deceit can succeed despite claimant being unaware of the underlying representation

Equitable compensation for breach of fiduciary duty and valuation of loss

Breach of seller’s obligation to notify pre-completion changes, related warranty breaches and scope of seller limitations

Failure of fraudulent breach of warranty claims in SPA dispute

Equity term sheet binding despite being subject to definitive agreement and warranties actionable as representations

Contractual interpretation and application of the natural and ordinary meaning of words

Execution of deeds by UK companies and limits of the statutory presumption of due execution

Manifest error in expert determinations

Default interest provisions and the penalty doctrine

Restitutionary claims for M&A advisory fees where a written agreement governs the relationship

Anti-avoidance provisions in adviser engagement letters and entitlement to success fees

FCA fine for announcement of inaccurate financial results and inadequate controls

ECJ decision on when information ceases to be inside information

ECJ decision on insider lists and disclosure of inside information

Darius Lewington (White & Case, Senior Professional Support Lawyer, London) and Peter Wilson (White & Case, Professional Support Counsel, London) co-authored this publication.

White & Case means the international legal practice comprising White & Case LLP, a New York State registered limited liability partnership, White & Case LLP, a limited liability partnership incorporated under English law and all other affiliated partnerships, companies and entities. This article is prepared for the general information of interested persons. It is not, and does not attempt to be, comprehensive in nature. Due to the general nature of its content, it should not be regarded as legal advice. © 2026 White & Case LLP

This article is prepared for the general information of interested persons. It is not, and does not attempt to be, comprehensive in nature. Due to the general nature of its content, it should not be regarded as legal advice.

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