[Last updated: 1 January 2025, unless otherwise noted]

The UK takeover market is well established and highly developed, with the regulatory framework having been in place for more than 50 years and a substantial body of market practice having formed. While levels of activity have not yet returned to those seen prior to the global financial crisis, the market remains active with 56 firm bids being launched in 2024 (57 in 2023), the significant majority (91%) of which were recommended. A significant proportion of the bids for UK companies are made by non-UK bidders and the open market ethos of the UK means that UK targets remain attractive to overseas bidders. Private equity bids have become more prevalent in recent years, with approximately 43% of the firm bids made in 2024 (63% in 2023) being private equity bids and bids backed by other funds and investment companies. Other recent trends include a greater number of competitive situations and more offers where share consideration (listed or unlisted) is offered, often either in combination with, or as an alternative to, cash.