Legal Spotlight

Defining the benefit for bondholders

A number of companies in the UK have recently seen their pension funds become the focus of investor attention because their role potentially complicates, and possibly even blocks, attempted acquisitions or buyouts. Over the past year we have seen this situation several times, including the attempted buyout of Sainsbury's and, more recently, the proposed management buyout of Alliance Boots.

Credit investors might well wonder what's going on. Is it really the

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