Market Standards Trend Report

Trends in UK Public M&A deals in H1 2026

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Background and approach

This report provides an insight into UK public M&A activity in the first half of 2026 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 2026. We reviewed a total of 69 transactions involving Main Market and AIM companies that were subject to the Takeover Code (the Code): 25 firm offers, 36 possible offers and eight announcements of formal sale processes and/or strategic reviews, which were announced between 1 January 2026 and 30 June 2026.

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 2026. Reference has been made to deal developments after this date if considered noteworthy.

Highlights H1 2026

Executive summary

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Photo by Alev Takil on Unsplash

Takeover activity

Public M&A activity saw lower levels of deal volume in H1 2026 than the corresponding period in 2025, with 25 firm offers announced (H1 2025: 36 firm offers; H2 2025: 20 firm offers).

However, higher value transactions contributed to an aggregate deal value of £35.3bn and an average deal value of £1.4bn. This is significantly higher than the £22bn and £18.5bn and average deal values of £610m and £924m in H1 2025 and H2 2025, respectively.

Five transactions had deal values exceeding £1bn (H1 2025: seven; H2 2025: four) and the largest transaction was Nuveen’s £9.9bn acquisition of Schroders.

Average bid premium (measured by comparing the offer price with the target’s share price immediately before the start of the offer period) was 42% with the highest bid premium being 157% (Neo Next+ offer for Deltic Energy) and the highest discount of 11.2% (Dr Hend El Sherbini and Dr Moamena Abdul Wahab Kamel’s Rule 9 mandatory offer for Integrated Diagnostics Holdings plc).

“The UK M&A market in H1 2026 has been split, with activity concentrated at opposite ends of the value spectrum. The top five deals contributed around 90% of total deal value – on the other hand, around two-thirds of deals were below £250 million.  This has created a skewed deal environment, with a few marquee deals at the top end and a long tail of smaller deals at the other, with the mid‑market conspicuously underpopulated.”
Patrick Sarch, Partner, White & Case LLP
As in previous years, the first half of 2026 has veered between spells of strong momentum and strong caution - not helped by an ever-changing geopolitical landscape and renewed and unexpected uncertainty on the direction of interest rates. That said, overall deal activity has been very positive, with market turbulence in many cases paradoxically acting as the catalyst to get deals over the line.”
Tom Brassington, Partner, Hogan Lovells LLP
“The broad picture in the first half was one of a bifurcated market - while we have seen the return of large public M&A transactions at the top end of the market, deal activity was largely concentrated at the lower end of the market, with the majority of deals in the sub-£250m space, and there was a notable absence of deals in the broader mid to upper mid-market bracket. While overall volume was down when compared to H1 2025 (although broadly consistent with H2 2025), aggregate and average deal values were significantly up, skewed by a number of “outsized” large deals. As noted, the top three deals (Nuveen/Schroders, EQT/Intertek Group and Zurich/Beazley) were the largest in value terms since 2021/22.

The wider geopolitical environment continues to be a factor in dealmaking – after initial optimism in January, activity slowed considerably following the commencement of hostilities in the Middle East, but picked up again towards the end of the first half. We saw five firm offers announced within the space of one week at the end of June as well as a number of high-value possible offers, including the ongoing possible offers for Castlelake/easyJet and SEGRO/Prologis – both with values in well in excess of £5bn.

Unsurprisingly, overseas bidders, and especially US bidders, continue to feature heavily as they remain attracted to the perceived undervaluation of UK-listed companies and also have available to them deep pools of capital to facilitate the execution of major acquisitions.”
Matthew Hearn, Partner & Co-Head of UK Public M&A, Paul, Weiss, Rifkind, Wharton & Garrison LLP

Deal structure

21 (84%) of the 25 firm offers announced in H1 2026 were structured as a scheme of arrangement

24 (96%) of the firm offers announced in H1 2026 had some form of cash element and it was the exclusive form of consideration in 19 (76%) of the deals. By comparison, 35 (97%) of the 36 firm offers announced in H1 2025 had some form of cash element and it was the exclusive form of consideration in 23 (64%) deals.

P2P activity

In 2025 we saw higher volumes of P2P transactions as a proportion of all firm offers. H1 2026 saw similar levels compared to H1 2025 with 12 P2P transactions, which represented 48% of all firm offers (H1 2025: 47%; H2 2025: 65%).

Despite similar P2P deal volumes, deal values for P2P transactions were higher, with an aggregate deal value of £21.8bn (H1 2025: £9.1bn; H2 2025: £12.4bn) and an average deal value of £1.8bn (H1 2025: £537m; H2 2025: £950m) for P2P transactions announced in H1 2026.

"P2P market transactions reflect the overall half-year story that the focus has been on the top of the market. P2P deal numbers have remained stable, but much higher deal values. This has been driven by the three mega-deals: Nuveen/Schroders, EQT/Intertek and Zurich/Beazley. Of course, private equity has a general preference for the clean deal structure of a cash-only offer, but it was noteworthy that 25% of the offers did have a share alternative reflecting a willingness of PE to flex deal structures to get deals away. This may reflect PE’s view of public takeovers as a useful outlet for some of its ever-increasing stock of dry powder in a world where large scale private capital deployment comes with other challenges”
Nick O’ Donnell, Partner at Bird & Bird

Bidder jurisdiction

Overseas bidders continued to dominate UK public M&A by value in H1 2026, accounting for £33.2bn of transactions, or 94% of total deal value, despite UK bidders announcing the largest number of firm offers (10 of 25). US bidders remained the most significant international acquirers, contributing £14.9bn (42% of total deal value) and participating in three of the five deals exceeding £1bn, underlining their continued focus on the largest UK-listed targets.

Industry

Financial Services was the most active sector in H1 2026, recording seven firm offers worth £19.7bn and accounting for 56% of aggregate deal value, while Industrials followed with four transactions valued at £10.8bn (32%). Although the Technology & Healthcare and Pharmaceuticals & Biotechnology sectors each recorded three deals, Healthcare generated a significantly higher aggregate value (£1.1bn versus £127m), illustrating that transaction volume did not necessarily translate into higher deal values.

Hostile bids

Two firm offers announced in H1 2026 were hostile from the outset. Two firm offers had a partial recommendation, and one offer had no definitive recommendation.

Competing offers

Three companies were the subject of potential competing offers in H1 2026.

Possible offers

There were 36 possible offers announced in H1 2026 in respect of 25 companies. Eight (22%) progressed to firm intention announcements, 18 (50%) were terminated, and ten (28%) remain ongoing. The proportion of possible offers that advanced to firm intention increased by 14% compared to seven in H2 2025 and decreased significantly by 58% compared to 19 offers in H1 2025.

Legal and regulatory developments

Legal and regulatory developments in H1 2026 included:

  • Takeover Panel updates Code, issues new Notes to Advisers and refreshes Disclosure Table
  • LSE consultation on changes to AIM
  • City of London Law Society publishes updated legal frameworks for contractual offers and share admission
  • •Government launches consultation on major changes to the merger regime
  • King’s Speech confirms proposed merger control reforms
  • CMA annual plan outlines consumer protection priorities for 2026-27
  • CMA launches consultation on proposed changes to efficiencies in merger assessments
  • CMA unconditionally clears ABF/Hovis merger after phase 2 investigation
  • CMA conditionally clears Constellation Developments Limited/ABVR Holdings Limited merger at phase 2 based on the failing firm defence
  • CMA prohibits Aramark/Entier merger
  • CAT dismisses Spreadex’s challenge to CMA’s remittal decision on counterfactual in sports spread betting merger
  • Cabinet Office publishes consultation response on National Secuirty and Investment Act 2021
  • Government conditionally clears the sale of Manx Telecom Trading Limited Dunlop Bidco Limited under NSIA 2021
  • Commission launches consultation on new draft Merger Guidelines
  • European Council formally adopts revised FDI Screening Regulation
    Commission and EU national competition authorities publish joint statement on the implementation of merger call-in mechanisms
“A softer and more pragmatic solutions-focused approach from competition authorities might, on certain deals, sufficiently decrease execution risk to a level that strategic bidders are then willing to combine and capitalise on substantial synergies. We’re seeing such bidders increasingly consider the use of reverse break fees and bespoke deal conditionality (to increase the likelihood of invocation under Panel Practice Statement 5), to further manage regulatory risk – along with the possibility of consortia bidding, back-to-back asset on-sales, and early engagement/scenario-planning with regulators.”
Nicola Evans, Partner, Hogan Lovells LLP

Outlook for H2 2026 and beyond

Deal pipeline visibility remains reasonable, with a number of situations either publicly announced or understood to be in advanced stages of exploration. However, this activity is occurring against a backdrop of a contracting universe of listed UK targets. The London IPO market has remained effectively dormant for meaningful primary issuances, with companies either choosing to list elsewhere, remaining private backed by institutional capital, or becoming acquisition targets before they can reach public markets. The consequence is a one-way valve: public companies are being taken private or absorbed, but they are not being replaced. If this trend continues, the pipeline of publicly listed UK targets will narrow materially over the next two to three years, concentrating activity in an ever-smaller pool of companies. A dynamic that raises longer-term questions about the sustainability of current deal volumes and the depth of the UK’s public equity market as a source of quality targets.

One countervailing trend worth noting is that boards are showing greater willingness to resist approaches which they consider opportunistic or undervalue the company. The EasyJet situation is a strong example: the board has taken a robust response to Castlelake and, at the time of writing, rejected four successive bids. This is clear evidence that boards are more willing to publicly reject takeover approaches and take a more deliberate position, stress-testing the offer price against long- range business plans and being less willing to recommend at the first number that clears an obvious premium threshold. These kinds of actions from boards, supported by robust advice from their advisers, may make bidders think twice before tabling an opportunistic offer and risking being subject to a very public auction."

Tom Bacon, Partner at Bryan Cave Leighton Paisner LLP

“Some key patterns have emerged in UK takeovers in H1 2026: the return of larger sized deals, the significant involvement of PE in large sized deals and the significant involvement of non-UK bidders in takeovers generally but, in particular, in large sized deals; with the result that some of the UK's most cherished PLCs are being acquired by foreign buyers, especially from the US. Whilst this might be a concern to some commentators, concerned about the longer-term health of the UK's stock markets, these patterns continue to underscore the clear attractiveness of UK PLC to sophisticated buyers.”

Giles Distin, Partner, Addleshaw Goddard LLP

“We remain optimistic that bid volumes will be relatively strong in H2 2026 and beyond, with significant ongoing preparatory takeover work currently taking place across a range of sectors, helped in part by a slightly more facilitative regulatory environment. Much will depend however on the overall global macroeconomic situation, with it being very hard to accurately price inflation and interest rate risk (particularly in light of the Iran conflict). Notwithstanding, UK listed targets will continue to feature on the shopping list of overseas offerors, particularly from the US. We expect increased shareholder opposition on bids that are objectively regarded as opportunistic, with price-bumps being prompted in many cases.”

Nicola Evans, Partner, Hogan Lovells LLP

“Although the geo-political situation remains unpredictable, both strategics and sponsors are still finding opportunities and showing significant interest in UK targets. Financing options remain available, and bidders appear willing to navigate the complex regulatory landscape for the right targets. That, combined with expected increased market confidence as a result of the number of large deals being announced in H1, suggest that activity may well continue to increase during the second half of 2026. There is already some indication of this with the flurry of deal activity towards the end of the first half.”

Matthew Hearn, Partner & Co-Head of UK Public M&A, Paul, Weiss, Rifkind, Wharton & Garrison LLP

“The blurring of industrial policy and merger control looks set to continue, with growth, sovereignty and cost-of-living considerations shaping CMA priorities – creating opportunities for pro-competitive deals while increasing risk in sensitive sectors. The CMA's "4Ps" framework will continue to bed in, with streamlined review processes in straightforward cases and revised guidance on remedies and efficiencies to be tested in live cases. We can expect CMA enforcement to continue to follow the guiding principle that every merger capable of being cleared – unconditionally or with remedies – should be. While UK-centric deals remain the priority, the recent Getty Images/Shutterstock decision makes clear that global deals will still be subject to scrutiny and even intervention where they give rise to UK-specific competition issues.”

Jonny Ford, Partner, Linklaters LLP

“We anticipate sustained M&A activity in the financial services sector, as recent transactions across asset management, insurance, specialty finance and FinTech demonstrate strong appetite for scale, diversified revenues and technology-enabled platforms.   At the same time, smaller players, particularly FinTechs and specialist providers, are increasingly becoming acquisition targets as they face higher funding costs, pressure on valuations and rising regulatory and technology spend, making a sale to larger institutions or private capital sponsors an attractive strategic option.”

Hyder Jumabhoy, Partner, White & Case LLP

“Forecasting public M&A activity is always challenging, particularly against a backdrop of economic and geopolitical uncertainty. There are a number of political and macroeconomic developments expected over the next six months which may influence transaction activity, alongside the inevitable unforeseen events that can affect market confidence and deal-making. That said, we continue to see strong interest in UK-listed companies from both strategic and financial buyers across our international network. Relative valuation discounts compared with certain overseas markets, favourable currency dynamics and the continued availability of capital for well-funded bidders all remain supportive factors for UK public M&A activity.The key question is whether this sustained interest will translate into completed transactions. We are cautiously optimistic that deal activity will remain robust through the second half of 2026 and beyond, although bidders are likely to continue placing significant emphasis on managing execution and transaction risk from the outset, particularly in relation to financing, regulatory approvals and broader market volatility.”

Fiona McFarlane, Partner, Bird & Bird LLP

"Geopolitical uncertainty was reflected again in UK Public M&A activity in 2025, as the number of public offers varied wildly quarter to quarter. Given the ongoing macroeconomic and political landscape, we expect these sorts of fluctuations will continue into 2026, although the relative stability of the domestic UK economy, along with improved financing conditions, may give bidders more confidence to invest in the UK.

Despite the slowdown at the back end of the year (which was driven, in part at least, by the uncertainty caused by the late November budget), we continued to see interest in the public markets from strategics and PE alike, both domestic and international. The international interest was primarily from North America but we also saw increasing levels of interest from the Middle East, and not just as passive investors. We expect this to translate into positive activity in the new year, both in the mid-market and also in the large-cap space where consortium bids will be used to support valuations.

We expect the trend for target-led sale processes to continue as well, as target management get tired of waiting for a re-rating and the appeal of the public markets declines. On the theme of under-valuation, we anticipate shareholder activism to continue strongly into the new year and robust target defences also to be a theme for 2026."

Tom Mercer, Partner, Ashurst LLP

“Looking ahead, we anticipate continued strength in UK public M&A through the remainder of 2026 and into 2027, though the character of the market may evolve. The regulatory environment is becoming more complex—the CMA is adopting a more calibrated approach to merger scrutiny, the government's Competition Reform Bill will introduce significant procedural changes, and the revised EU FDI Screening Regulation will require careful attention from cross-border acquirers. Overseas bidders—particularly from the US—accounted for 94% of total deal value in H1 2026 and show no signs of retreating. Financial Services and Industrials remain the sectors to watch, having accounted for the vast majority of aggregate deal value between them. With the return of megadeals, healthy bid premiums averaging 42%, and strategic rationales around scale, global competitiveness and platform consolidation continuing to drive activity, the fundamentals remain supportive. Advisers should prepare for sustained activity, but with an increasing premium on regulatory foresight and execution capability.”

Max Mittasch, Partner, Macfarlanes LLP

“For US bidders in particular, the London market looks excellent value and there’s no reason to expect that to change in the near term. In particular, you’d struggle to find people forecasting a dramatic strengthening of the pound in the next six months. In addition, deal-makers have repeatedly proven their resilience in the face of significant geo-political circumstances. Therefore, a continuation of current levels of deal activities generally looks highly likely.”

Nick O’Donnell, Partner, Bird & Bird LLP

“Quality over quantity. The sharp rise in deal values has been the story of 2026 so far. Expect more of that in H2 and keep an eye on the midmarket, particularly if interest rates ease and the financing environment strengthens.”

Simon Wood, Partner, Addleshaw Goddard LLP

Firm offers included in this report

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Further reading

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Photo by Annie Spratt 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).

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

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With thanks to our valued contributors

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Tom Bacon, Partner, Bryan Cave Leighton Paisner LLP

Tom Bacon is a Partner in BCLP’s Corporate Transactions team, with a practice focused on global public markets, advising both issuers and investment banks. He has deep experience across capital markets transactions, including IPOs, secondary offerings, and ongoing advisory for listed companies on their regulatory obligations, as well as domestic and cross-border public and private M&A.

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.

Edward Davies, Freelance Consultant

Ed is a corporate knowledge lawyer, legal training consultant and content writer with significant experience across several areas of corporate law, governance, and financial regulation. He has held posts with LexisNexis, Practical Law, the FCA and BPP University. In a freelance capacity Ed has many years of experience as a training consultant, report writer and AI content advisor with a particular interest in corporate regulatory compliance, corporate governance and broader compliance matters.

Giles Distin, Partner in the Corporate Finance Team, Addleshaw Goddard LLP

Giles is a Partner in the Corporate Finance team at Addleshaw Goddard. He is an expert in advising on UK securities regulation and listed company transactions, including takeovers and other regulated M&A transactions, IPOs, reverse takeovers and public equity fundraisings involving companies listed on the London Stock Exchange. Giles was seconded for two years to the Takeover Panel and is one of a select number of lawyers in the UK with cutting edge experience of takeovers gained both in private practice and at the competent authority for regulating takeovers and mergers.

Nicola Evans, Senior Partner in the Corporate & Finance Practice, 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.

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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. 

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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.

Hyder Jumabhoy, Partner in the Global M&A and Corporate Practice Group, White & Case LLP

Hyder is a partner in White & Case’s global M&A and Corporate practice, based in London. Hyder serves as Global Co-head of the White & Case’s Financial Institutions Industry Group and EMEA Co-head of the firm’s Financial Services M&A practice. He has represented clients on over 100 transactions in the financial services sector, which includes 50 bank M&A transactions. He regularly advises on mergers, acquisitions, non-core disposals, fund raisings, restructurings, JVs and business integrations.

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’.

Alfred King, Senior Knowledge Lawyer, Paul, Weiss, Rifkind, Wharton & Garrison LLP

Alfred is a senior knowledge lawyer in the Mergers & Acquisitions Group of Paul, Weiss. He supports the firm’s UK Public M&A practice and is a member of the City of London Law Society’s Takeovers Working Group.

Tom Matthews, Partner in the Global M&A and Corporate Practice Group, White & Case LLP

Tom is a Partner in White & Case's global M&A and Corporate practice based in London. Tom is also Head of White & Case’s EMEA Shareholder Activism practice. Tom has over 20 years' experience advising corporates, investment banks, private equity and hedge funds and family offices on international public and private M&A transactions, joint ventures, primary and secondary equity raisings and sell-downs, and listed company advisory and corporate governance matters. Tom also advises a number of companies, activist funds, founder shareholders and other active shareholders on their shareholder engagement campaigns and responses.

Fiona McFarlane, Partner in the International Corporate Group, Bird & Bird LLP

As a partner in Bird & Bird’s London corporate group, Fiona advises clients on public and private M&A, equity capital markets transactions, reorganisations, joint ventures and corporate governance matters. She regularly acts on complex cross-border transactions, advising clients across a broad range of jurisdictions and sectors, including life sciences and healthcare, technology and communications, energy, and media and entertainment. Fiona is also a regular commentator on developments in corporate law, capital markets and M&A, contributing thought leadership and market insights to industry publications and legal media.

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.

Lauren O'Brien, Partner, Paul, Weiss, Rifkind, Wharton & Garrison LLP

Lauren is a partner in the Litigation Department and a member of the Antitrust Practice Group. Lauren advises leading global businesses on a wide range of complex and high-impact matters related to antitrust, merger control, foreign direct investment, and consumer law.
Lauren leverages her extensive knowledge of current and emerging regulations, industry best practices, and deep knowledge of the regulatory environment to counsel companies on their most complex large-scale transactional projects and merger reviews. Her clients have included leading public and private companies in the technology, asset management, life sciences, consumer goods and industrial sectors. Lauren is recognized as a Key Lawyer by Legal 500 UK in the EU and Competition Category where clients note she is “very experienced and effective” and “distinguishes herself in running a multi-country approach for her clients.”

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.

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 based in London and leads the firm's UK Public M&A practice. He has 30 years' experience advising clients on corporate finance, domestic and cross-border public company M&A transactions (with extensive experience in competitive and hostile situations), innovative structuring, the Takeover Code, disclosure issues, securities law and the UK Listing Rules, as well as secondary issues and capital restructurings. Patrick is also a co-founder of White & Case’s Shareholder Activism practice and advises both companies and activist shareholders on strategic, ESG and M&A-related campaigns, disputes and other corporate governance matters.

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.

Francesca Storey-Harris, Partner, Paul, Weiss, Rifkind, Wharton & Garrison LLP

A partner in the Mergers & Acquisitions Group, Francesca has extensive experience across a wide range of corporate transactions for financial sponsors and strategic clients. She has advised on public and private M&A, capital markets transactions and cross-border deals for some of the industry’s leading financial sponsors, including Blackstone, EQT, Thoma Bravo, Brookfield and GIC, and for FTSE 100 and FTSE 250 public companies, including Signature Aviation, DS Smith, Arsenal Football Club, Cineworld, FirstGroup, RSA Insurance and Direct Line.

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.

Lexis+® Practical Guidance Market Standards

financial newspaper with stock chart

Photo by Markus Spiske on Unsplash

Photo by Markus Spiske 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 2025

This Market Standards Trend Report provides an in-depth analysis of the 56 firm offers, 58 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 2025.

Trends in UK Public M&A in Q1 2026

This Market Standards Trend Report examines the trends in UK public M&A for the period 1 January 2026 to 30 March 2026.

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 UK Equity Capital Markets in 2025

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 2025. 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 2025

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 2025 AGM season, using data extracted from our extensive database of over 10,000 transactions.

Forthcoming trend reports

Trends in Public M&A Q3 2026

This Market Standards Trend Report examines the trends in UK public M&A for the period 1 July 2026 to 30 September 2026.

Trends in UK Public M&A deals in 2026

This Market Standards Trend Report examines the trends in UK public M&A for the period 1 January 2026 to 31 December 2026.

News analysis pieces

Activist investor FitzWalter challenges ATG in public takeover battle

1Spatial and VertiGIS deal underscores continued tech and P2P M&A momentum in 2026

OEP to take Kitwave private in £251m wholesale distribution deal 

A new life for Life Science in £150m buyout in British Land

FTSE 100 company Schroders exits the LSE in £9.9bn megadeal

A call from inside the house—Mark Furness reacquires essensys

Nordic private equity firm snaps up Augmentum in £185.7m Fintech power move

Payment declined—CAB Payments rejects Helios’ £221m bid

Persistence Pays: Zurich’s £8bn Acquisition of FTSE 100 Insurer Beazley

AA4 + LAC10 = a £190m aviation acquisition

Tinicum and Blackstone bid £1.3bn for Senior amid competing offers

From AIM to acquisition—Van Elle agrees to £59m deal by STRABAG

Barking up the right tree—Animalcare goes private with Charterhouse

Döhler grabs a sweet Treatt deal following lapsed Natara offer

Neo Next sweeps in for Deltic following failed RockRose deal

Vossloh on track for £29m takeover of rail-tech company Cordel

AMG tightens grip on critical minerals with £57m Zinnwald Lithium takeover

Chasing the sun—Drax acquires Bluefield Solar in £548m acquisition

Sugar, spice and everything nice—that’s what Tate & Lyle’s £2.8bn buyout is made of

Mind the gap—Glenstone targets AIRE's persistent NAV discount in £56m bid

EQT’s £9.3bn offer for Intertek marks the third mega deal in H1 2026

UK oil & gas company Pharos to be sold to Israeli bidder Ratio in £124m bid

Checkmate—Ramsdens to be acquired by Firstcash in £206m deal

Healthcare diagnostics company IDH to be acquired by CEO in a £217m mandatory offer

UK oil & gas company Pharos to be sold to Israeli bidder Ratio in £124m bid

Sticking together—HB Fuller acquires surgical adhesives manufacturer AMS in £659m deal

Who is really taking over whom?IIG investors to own 99% of AC8