{"id":516,"date":"2024-03-08T10:04:45","date_gmt":"2024-03-08T10:04:45","guid":{"rendered":"https:\/\/privateequitymarketinsights.traverssmith.com\/?page_id=516"},"modified":"2026-02-23T09:39:12","modified_gmt":"2026-02-23T09:39:12","slug":"public-takeover-trends","status":"publish","type":"page","link":"https:\/\/privateequitymarketinsights.traverssmith.com\/market-trends-2025\/public-takeover-trends\/","title":{"rendered":"Public Takeover Trends"},"content":{"rendered":"\n<h2 class=\"wp-block-heading noSpacing\">Public to Private Transactions<\/h2>\n\n\n\n<p>With 2024 being the year of elections around the world and valuation gaps remaining a challenge, you could be forgiven for thinking that potential buyers might hold fire on bids for UK public assets. Instead, owing in part to a rush of firm offers announced towards the end of Q4 2024, the total number of public bids announced in 2024 for Main Market or AIM-listed companies was 56, only one short of the total in 2023.<\/p>\n\n\n\n<div class=\"flourish-embed flourish-chart\" data-src=\"visualisation\/21479353?30155\"><script src=\"https:\/\/public.flourish.studio\/resources\/embed.js\"><\/script><noscript><img decoding=\"async\" src=\"https:\/\/public.flourish.studio\/visualisation\/21479353\/thumbnail\" width=\"100%\" alt=\"chart visualization\" \/><\/noscript><\/div>\n\n\n\n<p>Of these <strong>56 bids<\/strong>, <strong>24<\/strong> were made by buyers backed by private equity and other funds (<strong>43%<\/strong>), compared to <strong>36 of 57<\/strong> bids made in 2023 (<strong>63%<\/strong>) (&#8220;<strong>P2Ps<\/strong>&#8220;). Key reasons for this fall in P2P activity include the slower than expected rate of decline in interest rates and the return of strategic buyers.<\/p>\n\n\n\n<div class=\"flourish-embed flourish-interactive diagram\" data-src=\"visualisation\/21479311?30155\"><script src=\"https:\/\/public.flourish.studio\/resources\/embed.js\"><\/script><noscript><img decoding=\"async\" src=\"https:\/\/public.flourish.studio\/visualisation\/21479311\/thumbnail\" width=\"100%\" alt=\"interactive diagram visualization\" \/><\/noscript><\/div>\n\n\n\n<p>Whilst financial and technology listed companies remained popular last year, there was notably less activity in the healthcare sector, potentially reflecting buyer enthusiasm returning to more normal levels following a significant COVID-era uptick in interest in the healthcare sector. There was significant interest in real estate, construction and industrial sector businesses. Several listed UK Real Estate Investment Trusts (&#8220;<strong>REITs<\/strong>&#8220;) were subject to offers, which is unsurprising given they have continued to trade at significant discounts to their net asset value (&#8220;<strong>NAV<\/strong>&#8220;), stifling property investment managers and reducing liquidity in their shares. The REIT market saw notable consolidation, with buyers looking to benefit from cost synergies and de-listing savings.<\/p>\n\n\n\n<p><strong>30 of the 56<\/strong> companies subject to public bids were listed on the Main Market (<strong>54%<\/strong>), compared with <strong>18 of 57<\/strong> in 2023 (<strong>32%<\/strong>), consistent with 2024 being the year big-ticket public M&amp;A returned. Offers with a deal value over \u00a31bn increased from just <strong>4 <\/strong>in 2023 (<strong>7%<\/strong>) to <strong>17<\/strong> in 2024 (<strong>30%<\/strong>).<\/p>\n\n\n\n<div class=\"flourish-embed flourish-chart\" data-src=\"visualisation\/21479142?30155\"><script src=\"https:\/\/public.flourish.studio\/resources\/embed.js\"><\/script><noscript><img decoding=\"async\" src=\"https:\/\/public.flourish.studio\/visualisation\/21479142\/thumbnail\" width=\"100%\" alt=\"chart visualization\" \/><\/noscript><\/div>\n\n\n\n<p>Valuation gaps between target boards\/shareholders and bidders continued. We saw several examples of shareholders privately and publicly objecting to bid prices, and encouraging target boards to &#8216;go shop&#8217; for possible interlopers at a higher price. Despite this, only <strong>5 of the 56<\/strong> bids (<strong>9%<\/strong>) were subject to increased offers. All-share and partial-share offers remained popular (both listed and unlisted) as one way of attempting to bridge the valuation gap with target shareholders.<\/p>\n\n\n\n<p>On the flipside, we saw examples of &#8216;bear hug&#8217; announcements made by buyers in an attempt to prompt target shareholders to encourage the target board to engage, where a recommendation is not forthcoming.<\/p>\n\n\n\n<p>Looking further into 2025, we expect deal activity to remain strong, and we continue to see a healthy pipeline of interest in UK-listed assets from both private equity backed and strategic buyers. Relative political stability caused by definitive results in both the UK and US elections and stabilising\/slowly reducing interest rates should encourage buyers to explore M&amp;A. A significant number of AIM-listed companies are likely to feel vulnerable to approaches as boards continue to navigate a challenging equity capital markets environment.<\/p>\n\n\n\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-group has-base-2-color has-contrast-2-background-color has-text-color has-background has-link-color wp-elements-af43513f08c482821dc07dbf41189284 is-vertical is-content-justification-stretch is-layout-flex wp-container-core-group-is-layout-e1cfd938 wp-block-group-is-layout-flex\" style=\"padding-top:var(--wp--preset--spacing--10);padding-right:var(--wp--preset--spacing--10);padding-bottom:var(--wp--preset--spacing--10);padding-left:var(--wp--preset--spacing--10)\">\n<p class=\"has-large-font-size\" style=\"line-height:1.5\">The Travers Smith corporate team advised on just under 20% of all UK public bids in 2023.&nbsp;Our full 2024 UK Public M&amp;A Trends brochure is available online now.<\/p>\n\n\n<a href=\"https:\/\/publicmatrends.traverssmith.com\/?utm_source=Publication&amp;utm_medium=Banner&amp;utm_campaign=Market_Trends\" target=\"_blank\" class=\"linkBoxWrapper\">\n    \n    <div class=\"linkBox is-layout-constrained animated fadeInUp\" style=\"background-color: var(--TS-Turquoise)\">\n        \n        <div class=\"linkAnimFill\" style=\"background-color: var(--TS-Apple)\"><\/div>\n        \n        <div class=\"linkText\" style=\"color: var(--TS-White)\">Read our full 2024 UK Public M&amp;A Trends brochure<\/div>\n        \n        <div class=\"iconContainer\" style=\"right: 1rem\">\n            <img decoding=\"async\" class=\"icon\" src=\"https:\/\/privateequitymarketinsights.traverssmith.com\/market-trends-2025\/wp-content\/uploads\/icons\/right-icon-White.svg\">\n        <\/div>\n        \n    <\/div>\n\n<\/a>\t\t<style>.linkBox, .linkText, .linkAnimFill, .iconContainer {\n    --TS-Gold: #A38000;\n    --TS-Copper: #C35500;\n    --TS-Terracotta: #EE7442;\n    --TS-Turquoise: #82C7B3;\n    --TS-Apple: #A3C961;\n    --TS-Fossil: #F4F0D4;\n    --TS-Aubergine: #4E1649;\n    --TS-Racing-Green: #0F3F32;\n    --TS-Oxford-Blue: #001F49;\n    --TS-Prussian-Blue: #444541;\n    --TS-Black: #000000;\n    --TS-White: #FFFFFF;\n    --TS-Ox-Blue-Tint: #667992;\n}\n\n.linkBoxWrapper {\n    text-decoration: none !important;\n    margin-bottom: 1rem;\n    width: 100%;\n    height: 100%;\n}\n\n.linkBox {\n    padding: 4rem 1rem 1rem;\n    width: calc(100% - 2rem);\n    height: calc(100% - 5rem);\n    position: relative;\n    overflow: hidden;\n}\n\n.linkAnimFill {\n    height: calc(100% + 2rem);\n    width: calc(100% + 2rem);\n    position: absolute;\n    top: 100%;\n    left: 0;\n    z-index: 1;\n    transition-duration: 0.3s;\n}\n\n.linkBox:hover .linkAnimFill {\n    top: 0;\n}\n\n.linkText {\n    z-index: 2;\n    position: relative;\n    font-weight: bold;\n    font-size: 1.5rem;\n}\n\n.iconContainer {\n    width: 2rem;\n    height: 2rem;\n   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var(--TS-Oxford-Blue)\">Adrian West<\/p>\n            <p class=\"bioRole\" style=\"color: var(--TS-Black)\">Head of Corporate M&amp;A and ECM<\/p>\n        <\/div>\n    <\/div>\n<\/a>\t\t<style>.bioCard, .bioCard * {\n    text-decoration: none !important;\n}\n\n\n.bioCardWrapper {\n    display: grid;\n    grid-template-columns: 120px 1fr;\n    grid-gap: 1rem;\n    padding: 1rem;\n    border-radius: 120px;\n    margin-block-start: 2rem !important;\n    background-color: transparent;\n    box-shadow: 0px 0px 0px #00000000;\n    \n    --TS-Gold: #A38000;\n    --TS-Copper: #C35500;\n    --TS-Terracotta: #EE7442;\n    --TS-Turquoise: #82C7B3;\n    --TS-Apple: #A3C961;\n    --TS-Fossil: #F4F0D4;\n    --TS-Aubergine: #4E1649;\n    --TS-Racing-Green: #0F3F32;\n    --TS-Oxford-Blue: #001F49;\n    --TS-Prussian-Blue: #444541;\n    --TS-Black: #000000;\n    --TS-White: #FFFFFF;\n}\n\n.bioCardWrapper:hover {\n    background-color: #00000022;\n    box-shadow: 0px 4px 8px #00000022;\n}\n\n.bioCard:hover {\n    text-decoration: none !important;\n}\n\n.bioHeadshot {\n    width: 120px;\n    height: 120px;\n    border-radius: 60px;\n}\n\n.bioTextWrapper {\n    display: flex;\n    flex-direction: column;\n    justify-content: center;\n}\n\n.bioName {\n    --TS-Gold: #A38000;\n    --TS-Copper: #C35500;\n    --TS-Terracotta: #EE7442;\n    --TS-Turquoise: #82C7B3;\n    --TS-Apple: #A3C961;\n    --TS-Fossil: #F4F0D4;\n    --TS-Aubergine: #4E1649;\n    --TS-Racing-Green: #0F3F32;\n    --TS-Oxford-Blue: #001F49;\n    --TS-Prussian-Blue: #444541;\n    font-weight: 700;\n    font-size: 1.25rem;\n    margin: 0;\n}\n\n.bioRole {\n    --TS-Black: #000000;\n    --TS-White: #FFFFFF;\n    font-weight: 200;\n    font-size: 0.75rem;\n    margin: 0;\n}\n\n.bioCardWrapper:hover .bioRole {\n    color: var(--wp--preset--color--base);\n}\n\n@media only screen and (max-width: 480px) {\n    \n    .bioCardWrapper {\n        grid-template-columns: 80px 1fr;\n        border-radius: 1rem;\n    }\n    \n    .bioHeadshot {\n        width: 80px;\n        height: 80px;\n        border-radius: 40px;\n    }\n}\n\n@media only screen and (max-width: 340px) {\n    \n    .bioCardWrapper {\n        grid-template-columns: 1fr;\n    }\n    \n    .bioHeadshot {\n        width: 80px;\n        height: 80px;\n        border-radius: 40px;\n    }\n}<\/style>\n\t\t\n\n<a class=\"bioCard is-layout-constrained animated fadeInUp\" href=\"https:\/\/www.traverssmith.com\/people\/jon-reddington\/?utm_source=Publication&amp;utm_medium=Bio_Card&amp;utm_campaign=Market_Trends\" target=\"_blank\">\n    <div class=\"bioCardWrapper\">\n        <img decoding=\"async\" class=\"bioHeadshot animated fadeIn delay-200ms\" src=\"https:\/\/privateequitymarketinsights.traverssmith.com\/market-trends-2025\/wp-content\/uploads\/2024\/03\/Reddington_Jon_JMR_Square.webp\" alt=\"Jon Reddington\">\n        <div class=\"bioTextWrapper\">\n            <p class=\"bioName\" style=\"color: var(--TS-Oxford-Blue)\">Jon Reddington<\/p>\n            <p class=\"bioRole\" style=\"color: var(--TS-Black)\">Partner<\/p>\n        <\/div>\n    <\/div>\n<\/a>\n\n<a class=\"bioCard is-layout-constrained animated fadeInUp\" href=\"https:\/\/www.traverssmith.com\/people\/tom-coulter\/?utm_source=Publication&amp;utm_medium=Bio_Card&amp;utm_campaign=Market_Trends\" target=\"_blank\">\n    <div class=\"bioCardWrapper\">\n        <img decoding=\"async\" class=\"bioHeadshot animated fadeIn delay-200ms\" src=\"https:\/\/privateequitymarketinsights.traverssmith.com\/market-trends-2025\/wp-content\/uploads\/2025\/02\/Coulter_Tom_TAC_Circle.webp\" alt=\"Tom Coulter\">\n        <div class=\"bioTextWrapper\">\n            <p class=\"bioName\" style=\"color: var(--TS-Oxford-Blue)\">Tom Coulter<\/p>\n            <p class=\"bioRole\" style=\"color: var(--TS-Black)\">Partner<\/p>\n        <\/div>\n    <\/div>\n<\/a>\n\n<a class=\"bioCard is-layout-constrained animated fadeInUp\" href=\"https:\/\/www.traverssmith.com\/people\/ben-lowen\/?utm_source=Publication&amp;utm_medium=Bio_Card&amp;utm_campaign=Market_Trends\" target=\"_blank\">\n    <div class=\"bioCardWrapper\">\n        <img decoding=\"async\" class=\"bioHeadshot animated fadeIn delay-200ms\" src=\"https:\/\/privateequitymarketinsights.traverssmith.com\/market-trends-2025\/wp-content\/uploads\/2024\/03\/Lowen_Ben_BXL_Circle.webp\" alt=\"Ben Lowen\">\n        <div class=\"bioTextWrapper\">\n            <p class=\"bioName\" style=\"color: var(--TS-Oxford-Blue)\">Ben Lowen<\/p>\n            <p class=\"bioRole\" style=\"color: var(--TS-Black)\">Partner<\/p>\n        <\/div>\n    <\/div>\n<\/a><\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\"><a class=\"bioCard is-layout-constrained animated fadeInUp\" href=\"https:\/\/www.traverssmith.com\/people\/aaron-stocks\/?utm_source=Publication&amp;utm_medium=Bio_Card&amp;utm_campaign=Market_Trends\" target=\"_blank\">\n    <div class=\"bioCardWrapper\">\n        <img decoding=\"async\" class=\"bioHeadshot animated fadeIn delay-200ms\" src=\"https:\/\/privateequitymarketinsights.traverssmith.com\/market-trends-2025\/wp-content\/uploads\/2025\/02\/Stocks_Aaron_RAS_Circle.webp\" alt=\"Aaron Stocks\">\n        <div class=\"bioTextWrapper\">\n            <p class=\"bioName\" style=\"color: var(--TS-Oxford-Blue)\">Aaron Stocks<\/p>\n            <p class=\"bioRole\" style=\"color: var(--TS-Black)\">Head of Transactions<\/p>\n        <\/div>\n    <\/div>\n<\/a>\n\n<a class=\"bioCard is-layout-constrained animated fadeInUp\" href=\"https:\/\/www.traverssmith.com\/people\/andrew-gillen\/?utm_source=Publication&amp;utm_medium=Bio_Card&amp;utm_campaign=Market_Trends\" target=\"_blank\">\n    <div class=\"bioCardWrapper\">\n        <img decoding=\"async\" class=\"bioHeadshot animated fadeIn delay-200ms\" src=\"https:\/\/privateequitymarketinsights.traverssmith.com\/market-trends-2025\/wp-content\/uploads\/2026\/02\/Andrew_Gillen_1_dto5ze.png\" alt=\"Andrew Gillen\">\n        <div class=\"bioTextWrapper\">\n            <p class=\"bioName\" style=\"color: var(--TS-Oxford-Blue)\">Andrew Gillen<\/p>\n            <p class=\"bioRole\" style=\"color: var(--TS-Black)\">Senior Partner<\/p>\n        <\/div>\n    <\/div>\n<\/a>\n\n<a class=\"bioCard is-layout-constrained animated fadeInUp\" href=\"https:\/\/www.traverssmith.com\/people\/mohammed-senouci\/?utm_source=Publication&amp;utm_medium=Bio_Card&amp;utm_campaign=Market_Trends\" target=\"_blank\">\n    <div class=\"bioCardWrapper\">\n        <img decoding=\"async\" class=\"bioHeadshot animated fadeIn delay-200ms\" src=\"https:\/\/privateequitymarketinsights.traverssmith.com\/market-trends-2025\/wp-content\/uploads\/2025\/02\/Senouci_Mohammed_MYS_Circle.webp\" alt=\"Mohammed Senouci\">\n        <div class=\"bioTextWrapper\">\n            <p class=\"bioName\" style=\"color: var(--TS-Oxford-Blue)\">Mohammed Senouci<\/p>\n            <p class=\"bioRole\" style=\"color: var(--TS-Black)\">Partner<\/p>\n        <\/div>\n    <\/div>\n<\/a>\n\n<a class=\"bioCard is-layout-constrained animated fadeInUp\" href=\"https:\/\/www.traverssmith.com\/people\/spencer-summerfield\/?utm_source=Publication&amp;utm_medium=Bio_Card&amp;utm_campaign=Market_Trends\" target=\"_blank\">\n    <div class=\"bioCardWrapper\">\n        <img decoding=\"async\" class=\"bioHeadshot animated fadeIn delay-200ms\" src=\"https:\/\/privateequitymarketinsights.traverssmith.com\/market-trends-2025\/wp-content\/uploads\/2024\/03\/Summerfield_Spencer_SRS_Circle.webp\" alt=\"Spencer Summerfield\">\n        <div class=\"bioTextWrapper\">\n            <p class=\"bioName\" style=\"color: var(--TS-Oxford-Blue)\">Spencer Summerfield<\/p>\n            <p class=\"bioRole\" style=\"color: var(--TS-Black)\">Senior Consultant<\/p>\n        <\/div>\n    <\/div>\n<\/a><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group alignfull has-accent-5-background-color has-background has-global-padding is-layout-constrained wp-block-group-is-layout-constrained\" style=\"margin-top:8rem;padding-top:var(--wp--preset--spacing--40);padding-bottom:var(--wp--preset--spacing--40)\">\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-78fe7594 wp-block-columns-is-layout-flex\" style=\"margin-top:0;margin-bottom:0\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\"><a href=\"https:\/\/privateequitymarketinsights.traverssmith.com\/market-trends-2025\/closer-look-the-ma-clearance-landscape\/\" target=\"_self\" class=\"linkBoxWrapper\">\n    \n    <div class=\"linkBox is-layout-constrained animated fadeInUp\" style=\"background-color: var(--TS-Oxford-Blue)\">\n        \n        <div class=\"linkAnimFill\" style=\"background-color: var(--TS-Turquoise)\"><\/div>\n        \n        <div class=\"linkText\" style=\"color: var(--TS-White)\">Closer Look: The M&amp;A Clearance Landscape<\/div>\n        \n        <div class=\"iconContainer\" style=\"left: 1rem\">\n            <img decoding=\"async\" class=\"icon\" src=\"https:\/\/privateequitymarketinsights.traverssmith.com\/market-trends-2025\/wp-content\/uploads\/icons\/left-icon-White.svg\">\n        <\/div>\n        \n    <\/div>\n\n<\/a><\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\"><\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\"><a href=\"https:\/\/privateequitymarketinsights.traverssmith.com\/market-trends-2025\/debt-trends\/\" target=\"_self\" class=\"linkBoxWrapper\">\n    \n    <div class=\"linkBox is-layout-constrained animated fadeInUp\" style=\"background-color: var(--TS-Oxford-Blue)\">\n        \n        <div class=\"linkAnimFill\" style=\"background-color: var(--TS-Turquoise)\"><\/div>\n        \n        <div class=\"linkText\" style=\"color: var(--TS-White)\">Debt Trends<\/div>\n        \n        <div class=\"iconContainer\" style=\"right: 1rem\">\n            <img decoding=\"async\" class=\"icon\" src=\"https:\/\/privateequitymarketinsights.traverssmith.com\/market-trends-2025\/wp-content\/uploads\/icons\/right-icon-White.svg\">\n        <\/div>\n        \n    <\/div>\n\n<\/a><\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Public to Private Transactions With 2024 being the year of elections around the world and valuation gaps remaining a challenge, you could be forgiven for thinking that potential buyers might hold fire on bids for UK public assets. Instead, owing in part to a rush of firm offers announced towards the end of Q4 2024, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":963,"parent":0,"menu_order":8,"comment_status":"closed","ping_status":"closed","template":"2024-content-page","meta":{"footnotes":""},"folder":[9],"class_list":["post-516","page","type-page","status-publish","has-post-thumbnail","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Public Takeover Trends - Market Trends 2025<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/privateequitymarketinsights.traverssmith.com\/market-trends-2025\/public-takeover-trends\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Public Takeover Trends - Market Trends 2025\" \/>\n<meta property=\"og:description\" content=\"Public to Private Transactions With 2024 being the year of elections around the world and valuation gaps remaining a challenge, you could be forgiven for thinking that potential buyers might hold fire on bids for UK public assets. 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