Insights into UK Public M&A activity - Singer Capital Markets

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December 2025 - Reports

Insights into UK Public M&A activity

Our November UK Public M&A Update – a concise monthly summary highlighting key trends and activity within the UK public M&A market.

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Public M&A continues to be an area of significant interest for PLC boards, especially in the context of UK equity market valuations, buyside fund flows, and defence preparedness. Our review provides readers with an informed snapshot of current deal activity and emerging themes shaping the market.

Key highlights this month:

Another active period for UK takeover interest, despite uncertainty ahead of the UK Budget
The number of companies in an Offer Period (33) ended the month above the five-year average (28)
The proportion of Small Cap bid targets, with a market capitalisation below £500m, rose to more than 60%
International offerors now represent two-thirds of all disclosed offerors
An abandoned high-profile combination in the infrastructure sector, and a recommended offer that failed to secure offeree shareholder approval, highlights the criticality of institutional shareholder support for delivering listed company M&A

Download the November Report

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