Insights into UK Public M&A activity (August)

Our August 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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This month’s UK Public M&A Update offers an informed overview of deal activity and insights on trends, including target company size, industry sector and bidder characteristics. In August, four companies entered an Offer Period, down from six in July. Companies with an undisturbed market capitalisation below £500m still account for the majority (59%) of those in an Offer Period, however 32% of targets had an undisturbed MCap in excess of £1bn.

Key highlights this month:

New public M&A activity increased in April, with 4 PLCs entering an Offer Period
There were 32 companies in an Offer Period at the end of July, trending ahead of the five-year average (29).
The median bid premium in 2026 YTD is 33.8%, broadly in line with 34.2% for 2025 overall.
August saw a further increase in >£1bn companies in play, at 32% of companies in an Offer Period (July: 29%). Small cap companies still account for the majority, with 59% of targets having an undisturbed market cap below £500m.
Bidder composition remains more skewed towards Listed Strategic bidders, accounting for 48% of acquirers as at 31 August.

Download the August Report

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