UK Public M&A Monthly Activity Update: March 2026

In March 2026, there were three Rule 2.7 announcements made across the UK public M&A market and seven further possible offers / sale processes announced.

Firm Offers announced this month:

• Recommended cash offer by Zurich Insurance Group Ltd for Beazley plc – £8.1 billion
• Hostile pre-conditional cash offer by Helios Consortium for CAB Payments Holdings plc – £221 million – public to private – unlisted securities alternative
• Recommended cash offer by Lesha Bank LLC (Public) for Amedeo Air Four Plus Limited – £190 million 

Possible Offer announced this month:

• Possible offer by Almadiyaf al-Masiyyah for Trading LLC for Capricorn Energy PLC – cash consideration
• Possible offer by StoneX Group Inc. for CAB Payments Holdings plc – £241.4 million – cash consideration
• Strategic review announced by Afentra plc
• Strategic review including a formal sale process announced by Surface Transforms plc
• Possible offer by AEW UK REIT plc for Alternative Income REIT plc
• Formal sale process announced by Checkit plc 
• Possible offer by Atlas Holdings LLC for BRCK Group plc – £209.4 million – cash consideration

Firm Offers breakdown this month:

Year to date breakdown:

March 2026 Updates:

Government response on changes to mandatory notification sectors under the National Security and Investment Act

The government has published its response following the consultation on proposed amendments to the sectors where notification of transactions under the National Security and Investment Act 2021 (NSI Act) is mandatory.

The National Security and Investment Act 2021 (Notifiable Acquisitions) (Specification of Qualifying Entities) Regulations 2021 (the NARs) contain details of the 17 sensitive sectors where filing is mandatory for certain changes of control under the NSI Act. The changes to the scope of these sectors will therefore have an impact on when a mandatory filing needs to be made.

The government has confirmed that, in line with the proposals consulted on, it will:

• create standalone sectors for critical minerals and semiconductors, and update the artificial intelligence and communications schedules to reduce low-risk notifications;
• make clarifying amendments to the scope and definitions of the critical suppliers to government, data infrastructure, energy, and suppliers to the emergency services schedules;
• create a new schedule to cover acquisitions in the water sector;
• keep the updated advanced materials and synthetic biology schedules as they are; and
• provide updated, more detailed guidance across the NARs to address topics frequently raised in feedback.

The government says it intends to lay secondary legislation later this year.

For further details on the changes consulted on, see our Competition Notes blog post here. 

M&A – our sector and broader perspectives for 2026

We have now published the sector and broader perspectives chapter of our global M&A report for 2026.

We explore topics across a range of sectors and perspectives. From the state spending driving deals in the defence space and consolidation in cybersecurity, to the challenges facing the automotive industry and regional dispatches on the latest developments in energy.

Our podcast on shareholder opposition on some recent takeovers by way of scheme

In this episode, we talk about a number of recent takeovers by way of scheme where the target shareholders have either voted the scheme down, or the vote has been very close.

We also look at what parties can do if it looks like the vote will be close.

To listen to the full conversation please visit SoundCloud, Spotify or Apple.

Our podcast on offering securities as consideration on a takeover

In this episode of our public M&A podcast series, we talk about share for share takeovers, or securities exchange offers.

We look at the issues that need to be considered in the context of these deals under:

• the new regime for offers of securities and prospectuses;
• the Takeover Code; and
• the UK Listing Rules.

We also discuss whether we are likely to see more offers with share consideration in light of the new prospectus regime that came into force in January this year.

To listen to the full conversation please visit SoundCloud, Spotify or Apple.

Our UK Public M&A Consolidated Update

Our consolidated public M&A update gives a brief overview of developments in the six months from October 2025 to March 2026 in UK public M&A.

In it we discuss:

• recent market activity, including the bidders driving the increase in activity and some recent shareholder opposition we have seen on schemes;
• legal and regulatory developments, including recent Takeover Code changes and the new regime for public offers of securities and prospectuses; and
• our publications and resources, including our video series on top tips for navigating public M&A in the UK and our latest podcasts.

Please click here to see the full briefing.

March 2026 Insights:

The number of firm offers announced this month has declined compared to the same period in each of the previous four years. Only three firm offers were announced in March 2026, down from seven during the equivalent period in 2025. The number of possible offers has also fallen, although current levels remain broadly consistent with those seen between 2022 and 2024.

Although it is still early in the year, cash appears to be the dominant form of consideration in 2026, accounting for 67% of firm offers announced to date. Mixed consideration (where the consideration comprises a combination of, for example, cash and shares, or cash and unlisted securities) has been used in the remaining 33% of firm offers. Share‑only consideration has not been used in any transactions so far this year. Two of the three firm offers announced during March involved cash consideration, with the remaining transaction structured as a mixed consideration offer.

Useful links

• Herbert Smith Freehills Takeovers Portal.
• Herbert Smith Freehills Public M&A Podcast Series.
• The Takeover Code.
• The Takeover Panel’s Disclosure Table (detailing offeree companies and offerors currently in an offer period).

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.