Britain’s regulator makes a play for SPAC listings

s provide an unconventional means of taking private companies public. A dealmaker incorporates a shell company and lists it on a stock exchange, raising money from shareholders in order to find a private company worth buying. After finding one, agreeing a price and passing a shareholder vote, the two companies merge. The private company is now public, and the dealmaker is rewarded with a slice of ownership in the merged entity.

Until now, Britain’s rules around mergers put investors off. These prevented shareholders from selling theirshares once a merger target had been found but before a full prospectus had been produced. That deprived them of the chance to make an early exit if they objected to the dealmaker’s choice of target. Instead Amsterdam, which has no such prohibitions, became Europe’ss have raised $3bn there this year, compared with a minuscule $6m in London.

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