![]() We should not get carried away, of course. And here we are, in 2021, and Amsterdam is seen, in what is by all means Europe's most prominent financial newspaper, as a threat to London. Some 20 years ago, the first author of this article was kindly approached by a senior, widely respected, colleague, who suggested that with stock exchanges and financial institutions merging, and EU integration proceeding at rapid pace, he – the co-author of this article – would be well advised not to proceed with advising clients on matters like stock exchange listings. They compared the EU, London and … Euronext Amsterdam no Frankfurt, no Paris, no Nordics, no Madrid, no Milan, but Amsterdam. The Financial Times published a story – in a line of publications called "London fights for its future" – about post-Brexit regulation in the UK, and in the text towards the bottom, among charts on a range of topics, there were three charts on IPO activity. When making the last edits to the text of this article, an interesting event occurred. In capital markets, the law of supply and demand is acutely felt, and transaction terms are adjusted rapidly where this can improve the chance of a successful deal. Retaining control, one-tier boards, and special purpose acquisition companies may – in spite of everything that is being written on these topics – also be part of a longer term trend. The wish to ensure the execution of IPOs, which generally suffer from a high cancellation rate, has meant that retail offerings have become rare and that cornerstone investors are a staple. With Euronext Amsterdam high on IPO stock exchange shortlists, recent market activity has brought a number of notable developments and innovations into Dutch legal practice. You can read the full article below or download the PDF. The article was published by Wolters Kluwer in the Dutch law journal Ondernemingsrecht on 6 October 2021. Jan Willem Hoevers, head of our Capital Market practice, together with Josse Klijnsma and Noortje Engbers, has written an article analysing the recent IPOs and SPAC listings on Euronext Amsterdam. Amsterdam as a listing location is hot and we have recently seen some remarkable capital markets developments.
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