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23 October 2026

UK Public M&A Monthly Activity Update: September 2026

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Herbert Smith Freehills Kramer LLP

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In September 2026, there were six Rule 2.7 announcements made across the UK public M&A market and eight further possible offers announced.
United Kingdom Accounting and Audit

In September 2026, there were six Rule 2.7 announcements made across the UK public M&A market and eight further possible offers announced.

Firm Offers announced this month:

  • Recommended cash offer by Veritas Capital Fund Management, L.L.C. for Bodycote plc – £1.64 billion – public to private
  • Recommended cash offer by Epiris LLP for Gamma Communications plc – £1.015 billion – public to private
  • Cash offer by DNO ASA for Capricorn Energy PLC – £294 million
  • Recommended cash offer by Toscafund Asset Management LLP, THCP Advisory Limited and Ares Management Limited for Spire Healthcare Group plc – £1.03 billion – public to private – unlisted securities alternative
  • Recommended cash offer by AKKR Fund VII GP LP for Eleco plc – £207.6 million – public to private
  • Recommended cash and CVR offer by Taboola.com Ltd for Dianomi plc – £19 million

Possible Offer announced this month:

  • Formal sale process announced by Futura Medical plc
  • Possible offer by Greenland Energy Company for 80 Mile plc – £61.48 million – share consideration
  • Possible offer by Circle8 Group Inc. for SThree plc – cash consideration
  • Strategic review announced by Pollen Street Group Limited
  • Possible offer by Ember Infrastructure Management, LP for Ashtead Technology Holdings plc – £498 million – cash consideration
  • Possible offer by RHI Magnesita N.V. for Vesuvius plc – £1.4 billion – cash and shares
  • Possible offer by Jenzabar, Inc. for Tribal Group plc – £237.96 million – cash consideration
  • Possible offer by SilverTree Equity Partners LLP for Tribal Group plc – £203.66 million – cash consideration

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