UK Public M&A Monthly Activity Update: May 2025

In May 2025, there were eleven Rule 2.7 announcements made across the UK public M&A market and ten further possible offers announced.

Firm Offers announced this month:

• Recommended cash offer by Tristan Capital Partners for easyHotel Limited – £206.4 million
• Recommended cash offer by Brillian UK Limited for Trakm8 Holdings plc – £7.76 million
• Recommended cash and loan notes offer by Management team for Field Systems Designs Holdings plc – £3.1 million – public to private
• Recommended cash offer by DoorDash, Inc. for Deliveroo plc – £2.9 billion
• Recommended cash offer by TA Associates Management, L.P. for FD Technologies plc – £570 million – unlisted securities alternative – public to private
• Recommended cash and shares offer by LondonMetric Property Plc for Urban Logistics REIT plc – £698.9 million
• Recommended cash offer by Sureserve Compliance Holdings Limited for Kinovo plc – £56.4 million – public to private
• Recommended cash offer by FirstCash Holdings, Inc. for H&T Group plc – £297 million
• Recommended cash and shares offer by Greencore Group plc for Bakkavor Group plc – £1.2 billion
• Cash and shares offer by Primary Health Properties PLC for Assura plc – £1.68 billion
• Recommended cash offer by Kverva Finans AS, FERD AS, JNE Master Fund LP and JNE Illiquid Oppportunities Fund LP for Benchmark Holdings plc – £56.7 million – public to private

Possible Offer announced this month:

• Possible offer by Corpay, Inc. for Alpha Group International plc – cash consideration
• Possible offer by TA Associates Management, L.P. for FD Technologies plc – £541.59 million – cash and unlisted securities alternative (firm offer subsequently announced)
• Possible offer by Peter Gregory, Nigel Marsh and Ashok Vithlani for Empresaria Group plc – cash and loan notes
• Possible offer by Sureserve Compliance Holdings for Kinovo plc – £56.4 million – cash consideration (firm offer subsequently announced)
• Possible offer by Bain Capital Private Equity (Europe), LLP for Craneware plc
• Two possible offers by Buckthorn Partners LLP and ONE Equity Partners IX, L.P. and Webster Industries, Inc for Renold plc – £182.59 million (Consortium) – £173.57 million (Webster) – cash consideration
• Possible offer by Dundee Precious Metals Inc. for Adriatic Metals plc
• Formal sale process announced by Revolution Beauty Group Plc
• Possible offer by HGGC, LLC for Inspired plc – £129.31 million – cash consideration