Market Standards Trend Report

Trends in UK Public M&A deals in H1 2025

a view of some very tall buildings in the city

Background and approach

road near buildings

Photo by Lachlan Gowen on Unsplash

Photo by Lachlan Gowen on Unsplash

This report provides an insight into UK public M&A activity in the first half of 2025 and what we expect to see for the rest of the year.

LexisNexis Market Standards has conducted research to examine market trends in respect of UK public M&A deals announced in the first half of 2025. We reviewed a total of 85 transactions involving Main Market and AIM companies that were subject to the Takeover Code (the Code): 36 firm offers, 42 possible offers, six announcements of formal sale processes and/or strategic reviews and one proposed tender offer, which were announced between 1 January 2025 and 30 June 2025.

The percentages included in this report have been rounded up or down to whole numbers, as appropriate. Accordingly, the percentages may not in aggregate add up to 100%. Deal values have been rounded to the nearest million (where expressed in millions) and have been rounded to the nearest hundred million (where expressed in billions).

The final date for inclusion of developments in this report is 30 June 2025. Reference has been made to deal developments after this date if considered noteworthy.

Highlights H1 2025

a view of the city of london at dusk

Photo by Leo on Unsplash

Photo by Leo on Unsplash

Executive summary

a newspaper with a picture of a man on it

Photo by Annie Spratt on Unsplash

Photo by Annie Spratt on Unsplash

Takeover activity

Public M&A activity saw an uptick in H1 2025, with 36 firm offers announced (H1 2024: 29 firm offers; H2 2024: 26 firm offers).

Higher value transactions contributed to an aggregate deal value of £21.6bn and an average deal value of £599m. This compares with aggregate deal values of £31.6bn and £23.3bn and average deal values of £1.1bn and £896m in H1 2024 and H2 2024, respectively.

Seven transactions had deal values exceeding £1bn (H1 2024: 10; H2 2024: seven) and the largest transaction was Advent International’s £3.8bn offer for Spectris.

Average bid premium (measured by comparing the offer price with the target’s share price immediately before the start of the offer period) was 39%, with the highest bid premium being 280% and the highest bid discount or lowest bid premium being -94%.

Deal structure

31 (86%) of the 36 firm offers announced in H1 2025 were structured as a scheme of arrangement.

Kohlberg Kravis Roberts & Co. Partners L.P. (KKR) and Stonepeak Partners LP’s bid for Assura was initially structured as a scheme of arrangement. They later switched to a takeover offer from a scheme of arrangement in order to increase the certainty of its execution.

35 (97%) of the firm offers announced in H1 2025 had some form of cash element and it was the exclusive form of consideration in 24 (67%) of the deals. By comparison, 22 (76%) of the 29 firm offers announced in H1 2024 had some form of cash element and it was the exclusive form of consideration in 19 (66%) deals.

P2P activity

In 2024 we saw lower volumes of P2P transactions as a proportion of all firm offers. H1 2025 saw a slight increase with 17 transactions, which represented 47% of all firm offers (H1 2024: 41%; H2 2024: 42%).

Despite higher P2P deal volumes, deal values for P2P transactions were lower, with an aggregate deal value of £8.7bn (H1 2024: £13.1bn; H2 2024: £11.6bn) and average deal value of £512m (H1 2024: £1.1bn; H2 2024: £1.1bn) for P2P transactions announced in H1 2025.

Bidder jurisdiction

Overseas bidders were involved in firm offers with an aggregate deal value of £17.5bn, which represented 81% of the aggregate deal value for all firm offers announced in H1 2025. US bidders were particularly active in H1 2025, including on the higher value transactions, being involved in 14 firm offers with an aggregate deal value of £14bn. This represented 65% of the aggregate deal value in H1 2025. By comparison, in H1 2024 US bidders were involved in 12 firm offers with an aggregate deal value of £16.8bn.

Industry

Public M&A activity in H1 2025 spanned a wide range of sectors, with Industrials leading in deal volume recording eight firm offers totalling £5.2bn and accounting for 24% of aggregate deal value. In contrast, Property led in terms of aggregate deal value, with six firm offers amounting to £5.6bn (26% of aggregate deal value). Technology also showed strong performance, with five firm offers valued at £5.3bn, contributing 24% to aggregate deal value. This highlights how some sectors, like Industrials and Technology, dominated by number of deals, while others, such as Property, stood out for the overall value of transactions.

Unrecommended bids

One firm offer announced in H1 2025 was hostile from the outset. Three firm offers became unrecommended following actual competing bids.

Competing offers

Four companies were the subject of actual competing offers in H1 2025 and three were the subject of potential competing offers:

  • actual competing offers for Harmony Energy Income Trust by Drax Group plc and Foresight Group LLP
  • actual competing offers for Assura plc by Primary Health Properties plc, and a consortium comprising of KKR and Stonepeak Partners LP
  • actual competing offers for Warehouse REIT by Tritax Big Box REIT, and a consortium comprising Blackstone Europe LLP and Sixth Street Partners, LLC
  • actual competing offers for Inspired plc by Regent International Holdings Limited and HGGC, LLC
  • a possible competing offer for Spectris plc by Kohlberg Kravis Roberts & Co. L.P. (KKR) following the announcement of a possible offer (now firm offer) by Advent International L.P. (Advent). As of 1 August 2025, Advent were offering £41.00 for each Spectris share, comprising £40.72 in cash and an interim dividend of 28 pence per Spectris share. Meanwhile, as of 5 August 2025, KKR were offering £41.75 for each Spectris share, comprising £41.47 in cash and an interim dividend of 28 pence per Spectris share
  • a possible competing offer for Renold plc by a consortium comprising Buckthorn Partners LLP and One Equity Partners IX, L.P. following the announcement of a possible offer (now firm offer) by Morgenthaler Private Equity
  • possible competing offers for Argentex Group plc by Terry Clune and Harry Adams following the announcement of a possible offer (now firm offer) by IFX (UK) Ltd 

Possible offers

There were 42 possible offers announced in H1 2025 in respect of 36 companies. 19 (45%) progressed to firm intention announcements, 15 (36%) terminated and eight (19%) were ongoing as of 30 June 2024. The proportion of possible offers that advanced to firm intention stage increased by 111% compared to nine in H2 2024 and showed a significant increase of 138% from just eight in H1 2024.

Legal and regulatory developments

Legal and regulatory developments in H1 2025 included:

  • the UK Takeover Panel (Panel) publishing new Practice Statements on profit forecasts, quantified financial benefits statements and investment research, and on unlisted share alternatives
  • the Panel publishing a consultation paper on dual class share structures, IPOs and share buybacks
  • the Panel publishing a note providing guidance to advisers on the cancellation of admission to trading for companies subject to the Code
“After a slowdown in Q4 2024 and Q1 2025, takeover activity bounced back with vengeance in Q2 with corporates and financial buyers shrugging off concerns about tariff and trade war uncertainty and geopolitical tensions.  With global stock markets achieving record highs and interest rates stable and due to head downward (albeit slowly), the outlook for UK public M&A is strong.  An escalation of conflict in the Middle East or elsewhere, or fresh concerns about trade wars could derail this momentum, but in the short term the market is busy and looks set to remain so.”
Patrick Sarch, Partner, White & Case LLP

Outlook for H2 2025

“Following a very strong start to the calendar year, I’m cautiously optimistic for H2 2025. Deal numbers are up markedly; US bidders have made a return (as we predicted in our comments on H2 2024) and the lower and mid-cap markets have both been busy.
Whilst economic uncertainty remains, with US tariff policy (and the responses by other countries) being unpredictable and the UK economic outlook and tax environment hanging somewhat in the balance, the first six months have shown that motivated bidders from a variety of jurisdictions are able to strike good deals.
My hope and expectation is that this will continue into H2 2025 and there are also some signs that the public equity markets are also slowly beginning to open, helped by the FCA’s recently-announced reforms to the public offers and prospectus regimes. So, all in all, there is reason to be positive!”
Max Mittasch, Partner, Macfarlanes LLP
“UK public M&A markets experienced a quieter first half of 2025 than was initially anticipated, largely driven by uncertainty created from various macroeconomic and political factors. This contrasted with the initial expectations at the end of last year of an marked increase in M&A activity following the conclusion of the US election. Despite a slow start, the end result was a steady volume of UK public transactions in the first half of 2025, with activity picking up significantly during the second quarter, resulting in a significant increase in volume over the same period in 2024. By value, macroeconomic and political factors (and resultant market and trade volatility and uncertainty) made larger value or higher risk deals more challenging for bidders. We saw extended periods of analysis prior to approach and bidders taking a very disciplined approach to pricing (resulting in a high number of potential offers starting but not progressing). These factors also resulted in a trend towards lower value deals, particularly for transactions involving financial sponsors (reflective of the trends seen in other periods of similar uncertainty), albeit with appetite for larger value and strategically important deals increasing significantly towards the end of the half year. Against these headwinds, we have seen increased optimism towards the CMA’s approach to reviewing transactions following its shift in approach, albeit that the regulatory environment remains challenging for larger deals involving approvals in multiple jurisdictions, sensitive sectors or for strategic bidders where there are notable overlaps.
Overall, interest from strategics and financial sponsors in acquiring UK public targets remains high and the fundamental drivers for deal activity continue to be present – as a result we are cautiously optimistic of a steady level of UK public M&A activity in the second half of 2025. Valuations for UK targets generally remain attractive (despite unfavourable FX movements, in particular for North American bidders, making UK public targets more expensive compared to previous lows) and the dislocation gap between bidders and targets in relation to the target’s market vs fundamental value appears to have narrowed (reflective of the fact that average premia has decreased compared to the same period in 2024). For strategic bidders, we expect that those with healthy balance sheets will continue to look to create value by looking for strategic opportunities (or de-risk their business through diversification into the UK), particularly where synergies are compelling, and/or they come under pressure from shareholders to do so. For financial sponsors, the significant level of private capital available and ongoing pressure on fund managers to deploy will continue to drive activity. Key challenges for bidders will continue to be a lack of stability if there are further market shocks and/or additional uncertainty created by global political and macroeconomic factors. The extent to which these challenges materialize will also be a major determinant as to whether higher value deals proceed and the top end of the market is active in the second half.”
Dan Schuster-Woldan, Partner, Paul, Weiss, Rifkind, Wharton & Garrison LLP
“We expect to see more instances of corporates taking strategic stakes in listed companies and in some cases using strategies more commonly associated with activist investors. A good example of this is WSP’s offer for Ricardo, which saw WSP agree to purchase a 20% stake in Ricardo from Science Group immediately before announcing its offer. UK-listed Science Group built up its position following a Ricardo profit warning in January 2025 and had been pushing for board and other changes. Science Group sold the remainder of its Ricardo shareholding on the open market and in its interim results it stated that its pre-tax net return would be around 74%.”
Di Yu, Partner, White & Case LLP
“Continued lack of clarity on inflation and the related pace of interest rate cuts, are causing some degree of drag on M&A going into H2 2025, not helped by continued geopolitical tensions and trade tariff uncertainties. Underlying appetite for public M&A from domestic and international bidders remains resilient however. Many are just waiting for the right time to execute carefully selected longer term strategic investments, with some more opportunistically looking to "bargain-hunt" at the right time. There has been an uptick of competitive situations lately, showing that UK companies are still attracting plenty of suitors.”
Nicola Evans, Partner, Hogan Lovells
“It remains difficult trying to predict the M&A outlook against the global macro, but overall we expect a busy H2.  H1 2025 finished strongly with one of the longest Panel Disclosure Tables we have seen in several years but there were periods of relative inactivity along the way and a lot of transactions that did not make it to a Rule 2.7 announcement. And whilst volumes were up, deal values were down. We think that the market illiquidity that small and mid-cap companies continue to suffer from will mean that it is at the lower end of the FTSE250 and on AIM that we will see a significant amount of activity in H2, particularly as a result of processes commenced by the company itself. Given the significant inflow of capital into private credit, which is showing no signs of slowing down, we also expect some larger debt funded deals in H2.”
Tom Mercer, Partner, Ashurst LLP
“Activity levels have ebbed and flowed in 2025 in line with geopolitical developments in the US and Middle East. Despite high hopes, the year started off slowly but then picked up during Q2 as markets stabilised. The momentum in the market has sustained and even picked up over the summer despite ongoing uncertainty and we are cautiously optimistic that activity levels will remain robust through the end of the year. There has been sustained interest from US buyers in UK public targets this year, representing 65% of deal value. In previous years, much has been said of this being driven somewhat opportunistically by the widening valuation gap between UK and US listed companies and the strength of the dollar. It has been surprising that US interest in UK public targets has continued and perhaps accelerated notwithstanding that the dollar has weakened relative to the pound and the valuation gap between UK and US listed companies has started to narrow (particularly when you exclude the US tech giants). This may suggest that events in the US and elsewhere are making UK targets look relatively appealing, even as the UK economic outlook darkens. There have also been a number of competitive situations this year (including those involving Spectris, Assura and Warehouse REIT) involving a combination of PE and strategic buyers, highlighted continued interest in the most attractive assets in the UK public markets.”
Dan Tierney, Partner, Cleary Gottlieb Steen & Hamilton
“Determined bidders are looking at all options to unlock value.  That might include working as part of a consortium, with a break up in mind, or acting as a joint offeror.  This allows the parties to share deal risk and pool financial resources, albeit it can complicate the regulatory hurdles.”
Tom Brassington, Partner, Hogan Lovells
“The Q2 momentum for UK public M&A seems set to continue into Q3/Q4, and we are seeing plenty of interest in UK targets from international bidders.  The underlying macroeconomic and geopolitical environment will inevitably continue to act as a brake on deal activity to some extent, but we are nonetheless expecting a busy H2 across the UK market.”
Tom Rose, Partner, Macfarlanes LLP

Firm offers included in this report

Further reading

assorted reading books

Photo by Dewang Gupta on Unsplash

Photo by Dewang Gupta on Unsplash

Our LexisNexis Market Standards news focuses on updates and analysis related to public company transactions and corporate governance, tailored for Corporate and In-house lawyers. The following news items are relevant to the topics covered in this report. To read more analyses on the latest developments in the market reported by Lexis+® Market Standards, subscribe to the Market Standard news analysis alert (subscription required).

For updates on market activity and issues relevant to public company transactions, see our Market Standards weekly highlights.

For analysis of the latest deals in the market and the underlying transaction documents, use our Market Standards deal analysis database.

To access our trend reports and other analyses, see our Trend Reports subtopic.

Weekly Highlights

Report written and produced by Lexis+® Market Insights, Corporate and Competition team members

an open book on a table

Photo by Yusuf Onuk on Unsplash

Photo by Yusuf Onuk on Unsplash

With thanks to our valued contributors

Simon Allport, Partner in the International Corporate Group, Bird & Bird LLP

Simon is a Partner in Bird & Bird’s international corporate group, based in London. He advises on a wide range of public and private M&A transactions and equity capital markets transactions. Simon has an intimate knowledge of the UK’s Takeover Code, having been seconded to the Takeover Panel earlier in his career and has advised numerous clients in a variety of sectors over the years on both hostile and recommended deals. Simon also advises both corporates and financial advisers on a wide range of general corporate, company law and regulatory matters across the financial services, aviation, life sciences and media sectors. Simon is consistently ranked as a leading individual for Corporate Finance work by Chambers & Partners and the Legal 500.

Rona Bar-Isaac, Partner and Head of Competition, Addleshaw Goddard LLP

Rona heads Addleshaw Goddard's competition team and regularly advises UK and international clients on the full range of competition law and national security matters. She is recognised as a leading practitioner in her field.

Tom Brassington, Senior Partner in the Corporate & Finance Practice Group, Hogan Lovells

Tom is a Senior Partner in Hogan Lovells' London Corporate & Finance practice group. He is ranked in Chambers Global for Corporate/M&A, with his expertise in international and cross-border M&A highlighted in particular. He has experience across a wide variety of work including public and private M&A, joint ventures, restructurings, private equity and equity capital markets. Whilst Tom is a generalist M&A practitioner, he regularly acts for clients in the Life Sciences and Technology, Media & Telecoms sectors. Tom is based in London but has also practiced in both Dubai and Hong Kong.

Nicola Evans, Senior Partner in the Corporate & Finance Practice Group, Hogan Lovells

Nicola is a Senior Partner in the London Corporate & Finance practice of Hogan Lovells. Nicola’s broad experience is international and extends to corporate transactions, domestic and cross-border M&A, joint ventures, the Takeover Code, disclosure and governance issues, securities law and the Listing Rules as well as secondary capital raising and restructurings. Nicola is leader of Hogan Lovells’ Insurance Sector, the first woman in the firm to be appointed to this role.

Iain Fenn, Corporate Partner, Linklaters LLP

Iain advises London listed and international companies on their most significant issues including public and private M&A, corporate restructurings and public offerings. He has acted as lead counsel to clients on many of the market’s most significant public company transactions in a career of over 30 years, including hostile public offers and many large and complex demergers. As well as an in depth knowledge of the UK public offer regime, Iain’s experience includes public transactions in all European jurisdictions, North America, the Middle East and Asia. Iain also regularly advises the boards of a number of London listed companies on strategic and governance issues and has considerable experience in activist as well as defence situations. Clients report that they ‘benefit from his insight and ability to take a view on topics as they come up’ and that ‘his gravitas and experience give us confidence.’ Iain’s expertise spans many sectors.

James Fletcher, Partner in the Corporate Practice Group, Ashurst LLP

James is a Partner in Ashurst's corporate practice. He specialises in public and private M&A, equity capital markets transactions, and corporate governance work.

Jonathan Ford, Partner in the Antitrust & Foreign Investment Group, Linklaters LLP

Jonathan is a Partner in Linklaters' antitrust & foreign investment group and has over a decade of experience working on a broad range of EU & UK competition law issues. Jonathan has particular specialism in complex UK mergers, having spent six months on secondment to the CMA, gaining valuable knowledge of top level decision makers and internal processes. He has experience across a range of sectors but is a particular expert in pharma, fintech & tech markets as well as having deep regulatory expertise, advising in relation to the price controls (and appeals) in the water and gas distribution sectors. Jonathan advised Quantile on the acquisition by the London Stock Exchange group, which included a rare CMA UK Phase 2 unconditional clearance, Vistry plc on its merger with Countryside plc as well as advising Press Association Holdings in relation to the sale of the Telegraph and the Spectator. Clients have described him as ‘very responsive and a pleasure to work with – a very strong talent’.

Matthew Hearn, Partner in the Mergers & Acquisitions Group, Paul, Weiss, Rifkind, Wharton & Garrison LLP

Matthew is a partner in the Mergers & Acquisitions Group of Paul, Weiss. Matthew advises clients on sophisticated domestic and cross-border corporate transactions, with a focus on public takeovers across a broad range of industries. Matthew’s public takeovers practice encompasses representing both bidders and target companies, including international and UK entities, in recommended, hostile and competitive situations. He also co-manages the firm’s UK Public M&A practice and is a member of the City of London Law Society’s Takeovers Working Group. Matthew is recognised as an 'Up and Coming' Partner and Notable Practitioner for Corporate/M&A: 800m+ by Chambers UK 2025, and a Key Lawyer in UK Legal 500 2024 for M&A: Upper Mid-Market and Premium Deals. Matt is lauded for his technical expertise, ability to guide clients through difficult issues, detailed approach and dedication.

David Holdsworth, Partner in the Mergers & Acquisitions Group, Paul, Weiss, Rifkind, Wharton & Garrison LLP

David is a partner in the Mergers & Acquisitions Group of Paul, Weiss, who advises on take-private and complex private equity and transactions. Some of his sponsor clients have included TDR Capital, Blackstone, Thoma Bravo, I Squared Capital, Advent International and TA Associates. Prior to joining Paul, Weiss, David served as partner and general counsel at TDR Capital, where he was deeply involved in all aspects of the business, developing a unique understanding of the day-to-day operations of a multibillion-dollar asset manager. Prior to this, he was a senior corporate partner in private practice with deep experience in private equity and sponsor backed public M&A. David has been recognized as a leading lawyer in Chambers UK and as 'Highly Regarded' by IFLR1000. 

Jade Jack, Senior Adviser in the Corporate Practice Group, Ashurst LLP

Jade is a Senior Adviser in Ashurst's corporate practice. She is an experienced corporate financier who supports Ashurst's corporate team providing specialist public company advice. Jade has extensive public company offer experience and was seconded to the UK Takeover Panel from 2011 to 2013.

Nicole Kar, Partner and Global Co-Chair of the Antitrust Practice, Paul, Weiss, Rifkind, Wharton & Garrison LLP

Nicole is Global Co-Chair of Paul, Weiss’ Antitrust Practice. She has led on over 40 significant merger and competition investigations in her over 20 years of European competition experience. She has extensive experience in advising on a wide range of regulatory and competition law issues in addition to maintaining a busy investigations and litigation practice. She has expertise in antitrust and regulatory issues spanning tech, financial services, retail, mining and healthcare sectors. Nicole was specialist adviser on foreign investment screening to both the Department for Business and Trade National Security Committee and the Foreign Affairs Committee of the UK Parliament . Nicole is ranked in Tier 1 of Chambers and peers and clients alike hold her in high regard as a top regulatory lawyer. She attracts particular attention for her work on high-profile Phase II domestic merger control investigations. Clients describe her as having ‘her finger on the pulse in terms of what is going on in the competition law world,’ being ‘to the point, really on it and very good with clients’.

Tom Mercer, Partner and Head of Public Company EMEA, Ashurst LLP

Tom is the Head of Public Company EMEA at Ashurst. He advises on a range of M&A, corporate finance and governance matters with particular expertise in public company takeovers and mergers. He was secretary to the UK Takeover Panel from 2011 to 2013 and head of Ashurst's corporate transactions practice in London from 2016 to 2018.

Max Mittasch, Partner, Macfarlanes LLP

Max has a broad corporate practice, with a particular focus on advising on UK public takeovers, and between 2020-2022 he was seconded to the UK Takeover Panel. In addition to his focus on public M&A, Max advises clients on a wide variety of transactions, including equity capital markets, private M&A and group reorganisations. He has experience advising on large and complex work, as well as acting on mid-market mandates, and he operates across a range of sectors. Max has previously undertaken secondments at an investment bank and a leading French law firm.

Nick O’Donnell, Partner in the International Corporate Group, Bird & Bird LLP

Nick is a Partner in Bird & Bird’s international corporate group, based in London. He has more than 20 years’ experience advising on a range of corporate finance transactions including takeovers, private M&A, joint ventures and equity capital markets, as well as on ESG challenges and opportunities. Nick has previously been based in Abu Dhabi and New York and acts for a broad international mix of US, European and Gulf-based corporates and private equity, as well as FTSE clients. He covers a range of sectors, with a particular focus on technology and consumer. He has spent time on secondment with a range of investment banks and investors including Goldman Sachs, Macquarie and Morgan Stanley. He has been a regular commentator in the media, including on CNBC and in The Financial Times.

Guy Potel, Partner in the Global M&A and Corporate Practice Group, White & Case LLP

Guy is a Partner in White & Case's global M&A and Corporate practice based in London. With more than 25 years of experience, he advises both listed and private companies on acquisitions, equity capital raisings, joint ventures and minority equity investments. He advises companies across a variety of industry sectors, particularly in the fintech and technology sectors; as well as securities laws (including the Market Abuse Regulation, Listing Rules, the UK Takeover Code and various corporate governance codes).

Lucy Robson, Partner in the Corporate Finance Team, Addleshaw Goddard LLP

Lucy is a Partner in Addleshaw Goddard's corporate finance team, specialising in public M&A and advising Main Market and AIM listed companies on their key strategic transactions. Lucy acts for a wide range of UK and overseas bidders and targets, as well as financial advisers.

Tom Rose, Partner, Macfarlanes LLP

Tom advises on all aspects of corporate transactions, specialising in complex cross-border M&A. His practice encompasses public and private acquisitions and disposals, carve-outs, private capital, ECM situations and advisory mandates. Tom is recognised in Chambers & Partners and in The Legal 500 for UK premium public and private M&A.

Patrick Sarch, Partner in the Global M&A and Corporate Practice Group and Head of UK Public M&A Practice, White & Case LLP

Patrick is a Partner in White & Case's global M&A and Corporate practice team based in London and leads their UK Public M&A practice. He has almost 30 years' experience advising clients on corporate finance, domestic, and cross-border public company M&A (with extensive experience in competitive and hostile situations), innovative structuring, the Takeover Code, disclosure issues, securities law and the Listing Rules, as well as secondary issues and capital restructuring. In recent years, he has developed a strong 'activism' practice, advising both companies and activist shareholders on strategic, ESG and M&A-related campaigns and disputes.

Dan Schuster-Woldan, Partner and Head of European Public M&A, Paul, Weiss, Rifkind, Wharton & Garrison LLP

Dan is a partner in the Mergers & Acquisitions Group of Paul, Weiss and head of its European Public M&A practice. Dan advises on a variety of public and private M&A and equity capital market transactions, including carveouts, spin-offs, joint ventures, IPOs, secondary capital raises and corporate restructurings. Dan has extensive cross-border transaction expertise, advising both corporate and private equity clients on projects across Europe, Latin America, Asia and Africa. Dan’s strategic approach and deep industry knowledge, particularly in the insurance and wider financial services sectors, make him a trusted advisor to clients undertaking their most critical and challenging transactions. He is recognized by Chambers UK in Insurance: Non-contentious and The Legal 500 UK as a Leading Individual for M&A: Upper Mid-Market and Premium Deals and Insurance: Corporate and Regulatory.

Daniel Simons, Senior Partner in the Corporate & Finance Practice, Hogan Lovells

Daniel is a Senior Partner in the London Corporate & Finance practice at Hogan Lovells and was recently named in The Lawyer’s 'Hot 100' list of top lawyers working in the UK. He focuses his practice on corporate finance transactions, in particular on domestic and cross-border mergers and acquisitions and equity capital markets. Daniel also has particular focus on public M&A transactions, including P2Ps, and he has advised numerous companies, private equity houses and financial institutions in the context of these transactions.

Allan Taylor, Partner and Co-Head of EMEA Corporate Practice, White & Case LLP

Allan Taylor is a Partner in our global M&A and Corporate practice based in London and Co-Head of the EMEA Corporate practice. Allan specialises in complex international transactions and has extensive experience leading cross-border, multi-disciplinary teams to deliver innovative solutions tailored to clients’ business needs. He advises public and private companies, financial institutions, and international clients across a range of matters including mergers and acquisitions, equity capital markets, joint ventures, restructurings, and UK corporate governance. Allan has particular expertise in the natural resources sector, including oil and gas, mining, and metals, and regularly advises issuers and underwriters on IPOs and dual listings.


Dan Tierney, Partner, Cleary Gottlieb Steen & Hamilton LLP

Dan Tierney is a partner in the London office of Cleary Gottlieb Steen & Hamilton LLP. He has a broad M&A and corporate finance practice covering public and private M&A transactions for a range of corporate, private capital, and investment banking clients. He also advises on shareholder activism and corporate governance, reporting and disclosure matters. He is ranked as an Up and Coming partner for high-end corporate/M&A in Chambers UK and Europe.

Sonica Tolani, Partner in the Global M&A and Corporate Practice Group, White & Case LLP

Sonica is a Partner in White & Case’s global M&A and Corporate practice based in London. Sonica has extensive experience in advising corporate clients, private equity, hedge funds and investment banks on international public M&A transactions, primary and secondary equity raisings and sell-downs, and listed company advisory and corporate governance matters. Sonica has particular expertise in UK Public M&A transactions.

Simon Wood, Partner in the Corporate Finance Team, Addleshaw Goddard LLP

Simon is a corporate finance Partner at Addleshaw Goddard and advises listed companies on the full range of corporate finance transactions. He has particular expertise in public M&A, having previously spent a two-year secondment as Secretary to the Takeover Panel.

Di Yu, Partner in the Global M&A and Corporate Practice Group, White & Case LLP

Di is a Partner in White & Cases's global M&A and Corporate practice, based in London. Di has extensive experience advising corporates and financial sponsors on a wide range of corporate and M&A transactions, including public and private M&A, joint ventures, complex corporate reorganisations, primary and secondary raisings and general corporate advisory matters. Di has particular expertise in the technology, media and entertainment, financial institutions, consumer retail, infrastructure and energy transition sectors.

Lexis+® Practical Guidance Market Standards

shallow focus photograph of black and gray compass

Photo by AbsolutVision on Unsplash

Photo by AbsolutVision on Unsplash

Market Standards is a unique service housed within Lexis+® Practical Guidance Corporate and In-house modules. Key features include:

  • a transaction data analysis tool for accessing, analysing and comparing the specific features of various listed company transactions including takeovers, initial public offerings and secondary offers
  • detailed, searchable summaries of listed company transactions, AGMs and annual reports
  • a comprehensive and searchable library of deal documentation such as announcements, circulars, offer documents and prospectuses
  • news and analysis of key corporate deals and activity
  • in-depth analysis of recent trends and developments in public company transactions

Previous trend reports

Trends in UK Public M&A deals in 2024

This Market Standards Trend Report provides an in-depth analysis of the 55 firm offers, 51 possible offers and 15 announcements of formal sale processes, private sale processes and/or strategic reviews, which were announced by Main Market and AIM companies subject to the Takeover Code in 2024.

Trends in Public M&A Q1 2025

This Market Standards Trend Report examines the trends in UK public M&A for the period 1 January 2025 to 30 March 2025.

Trends in UK public M&A in 2024

This Market Standards trend report provides in-depth analysis of the 55 firm offers, 51 possible offers and 15 announcements of formal sale processes, private sale processes and/or strategic reviews, which were announced by Main Market and AIM companies subject to the Code in 2024. It includes insight into public M&A trends and what we and our contributors expect to see in 2025 and beyond.

Restructuring Plans Trend Report

This report provides detailed insights into restructuring plans (RPs) under Part 26A of the Companies Act 2006 considered by the courts for sanction in 2024, drawing comparisons with 2023 trends to identify key developments. Our analysis is based on detailed case judgments, supplemented by insights from leading legal advisors and industry experts.

Trends in Equity Capital Markets 2024

This Market Standards trend report provides a full-year update on the emerging trends in equity capital markets, looking at IPOs and secondary offerings during 2024. The report provides insight into current hot topics, legal and regulatory developments, and what we and our contributors expect to see in 2025 and beyond.

Market Standards Trend Report – AGM Season 2024

In this report, Lexis+® UK Practical Guidance and Market Standards reflect on the voting patterns displayed at the annual general meetings (AGMs) of FTSE 350 companies at the close of the 2024 AGM season, using data extracted from our extensive database of over 10,000 transactions.

Forthcoming trend reports

Trends in Public M&A Q3 2025

This Market Standards Trend Report examines the trends in UK public M&A for the period 1 July 2025 to 30 September 2025.

Trends in UK Public M&A deals in 2025

This Market Standards Trend Report examines the trends in UK public M&A for the period 1 January 2025 to 31 December 2025.