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

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January 2026 - Reports

Insights into UK Public M&A activity

Our December 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:

December 2025 was a quieter period for new public M&A situations and firm offers, with just two companies entering an Offer Period (November: nine)
Several public M&A processes terminated as parties failed to reach agreement on terms
The number of companies in an Offer Period ended the month back in line with the five-year average at 28
Overall, UK Public M&A activity in 2025 surpassed 2024 when measured by the number of Firm Offers (63 compared to 58), however total deal value was lower at £38bn (2024: £55bn) demonstrating a shift towards smaller cap activity
Looking across 2025, in total 105 companies appeared on the Takeover Panel’s disclosure table of which 71% had an undisturbed market capitalisation of less than £500m
As we enter 2026, many fund managers are highlighting the potential for continued bidder interest in the small cap arena

Download the December Report

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