Looking further into 2025, we expect deal activity to remain strong, as we continue to see a healthy pipeline of interest in UK-listed assets from both private equity backed and strategic buyers. Relative political stability caused by definitive results in both the UK and US elections, and stabilising\/slowly reducing interest rates should create increased appetite for exploring M&A.\u00a0<\/p>\n\n\n\n
UK-listed companies are expected to remain attractive, particularly to PE and overseas bidders, having comparatively low valuations to their US peers, and a significant number of AIM-listed companies are likely to feel vulnerable to approaches as boards continue to navigate a challenging equity capital markets environment.<\/p>\n\n\n\n
We expect high value bids to continue, including by consortium, with a stronger financing market and a wealth of access to ‘dry powder’ likely to fuel this trend.<\/p>\n\n\n\n
Regulation remains one of the biggest challenges for bidders, with investigations recently seen on the offers for Royal Mail<\/em> and Redrow<\/em>, and bid parties will need to navigate shareholder activism, in an environment where shareholders are questioning offer valuations.<\/p>\n\n\n\n
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