Insights into UK Public M&A activity (July)

Our July 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:

New public M&A activity increased in April, with 6 PLCs entering an Offer Period
There were 33 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 33.5%, broadly in line with 34% for 2025 overall.
UK smaller companies continue to represent the backbone of public M&A activity, with around two-thirds of companies in an Offer Period carrying an undisturbed market capitalisation below £500m.
Other bidders including private corporates and family-owned strategics have overtaken Private Equity as the most active acquirer category.

Download the July Report

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