Q2 2024 UK public markets update: Rule 2.7 Announcements

Max Edgson

Product Consultant, Atticus

April 2024

April was a remarkably busy month, with nine recommended cash offers announced, including the two biggest offers so far this year in Thoma Bravo’s recommended offer for Darktrace plc (£4.25 billion) and the International Paper Company’s offer for DS Smith plc (£5.8 billion).

May 2024

In May, the momentum continued with a further five firm offers announced. This included a significant £3.57 billion offer by EP UK Bidco for International Distribution Services plc, whose subsidiaries include Royal Mail and Parcelforce.

June 2024

June was slightly quieter than May, with four firm offers put on the table and smaller deal sizes, but it was still an exciting one, with several possible offers on the cards. Namely, Carlsberg Group’s offer for Britvic plc, which was initially £2.9 billion before being revised to £3.11 billion. After this was rejected in early July, Britvic accepted a £3.3 billion offer. Bellway plc also announced a possible £650 million offer for Crest Nicholson Holdings plc. There has been some back-and-forth, but Bellway plc now has until August 8 to announce a firm offer.

So what?

These transactions highlight a continuing trend of public M&A in the UK following a busy first quarter of 2024. It demonstrates the resilience of the market in the face of domestic change by way of a General Election, and global geopolitical uncertainty.

As deal-making remained brisk in the second quarter, stakeholders across various industries are increasingly turning to Atticus to navigate potential risks efficiently. To discover how Atticus can help streamline your M&A documents, request a demo with one of our experts.

This note provides a general summary of some of the marquee deals seen in the UK market (including transactions where Atticus may not have been utilised).