At Mulberry Wealth Securities, our Advisory Team has been tracking the evolving landscape of public takeovers in the UK — and the first half of 2025 has already delivered some noteworthy signals for corporates, private equity firms and, importantly, wealth-management clients. Drawing on the latest findings from Slaughter & May’s Takeovers: Trends in 2025, this blog outlines the key dynamics and what they imply for investors.
A surge in deal volume — but not mega-mega value
The most striking takeaway from our Advisory Team’s review is that takeover activity is not just recovering — it’s booming in terms of volume. Slaughter & May reports that 41 firm offers were made in the UK during H1 2025, marking the strongest six-month period in over 15 years.
However, the value side tells a slightly different story: no single firm offer in that period exceeded £5 billion. In other words: lots of deals, fewer super-large transactions.
Mr. Richard Carver, CFO of Mulberry Wealth Securities, sums it up:
“From a wealth-management perspective, the uptick in takeover activity signals more options for investors — but also more segmentation. We’re seeing many mid-sized targets coming under pressure. It’s not just the blockbuster deals that matter.”
Who’s doing the deals? A changing cast of players
Corporate acquirers dominate
Our Advisory Team notes that strategic, corporate-to-corporate activity remains the leading driver of takeovers in 2025. UK corporates accounted for over 40% of firm offers in H1, primarily targeting small- and mid-cap companies.
US bidders continue to push into UK territory
International dealmakers are active too — in fact, over three-quarters of the UK firm offers worth more than £1 billion to date involve US bidders. The attraction: UK firms are still seen as relatively undervalued, and US acquirers are seeing opportunity in a more volatile domestic market.
Private equity is muscular and competitive
Private equity (PE) firms are back in force. According to our modelling, PE or fund-backed bidders made over one-third of all firm offers in the first half of 2025. Many of these are mid- or small-cap targets.
Mr. Richard Carver adds:
“For our clients, the headline is: more acquirers and more competition. That tends to drive up valuations, especially for the better-quality targets — which means investor discipline is more important than ever.”
Deal structure and dynamics: more “shares”, more contest
Several structural features are emerging:
- Share or “stub equity” consideration (offering shares, not just cash) is increasingly popular, giving bidders more flexibility.
- Competitive and even hostile offers are more frequent — signalling that the market is less orderly and the expectation for bidder premium is rising.
- Mid- and small-cap targets are more active than large-caps, partly because availability and valuations are more favourable in that space.
From our Advisory Team’s view, these trends matter for wealth investors because deals structured with shares or stubs add complexity around both upside and risk — particularly for clients holding target shares or acquiring into acquirers.
What this means for investors working with Mulberry Wealth Securities
For clients of Mulberry Wealth Securities, especially those invested globally, the takeover landscape suggests several actionable implications:
- Stay globally diversified: UK deals bring opportunity but also currency, regulatory and jurisdictional risk. Awareness of these cross-border dynamics is key.
- Focus on mid-cap quality: The volume uptick is heavily skewed towards mid-caps — that’s where a lot of dealflow is happening, and where sentiment may change rapidly.
- Watch deal structure carefully: Share-based consideration or hostile bids mean complexity and risk. Our team helps clients assess if deal structure reflects value or exaggerates risk.
- Be selective: With more acquirers chasing fewer high-quality targets, valuations may be elevated and execution risk still present.
- Monitor regulatory/competition risk: The UK’s Competition and Markets Authority (CMA) is increasingly influential, and changes in regulatory stance can affect deal certainty.
Mr. Richard Carver emphasises:
“For our wealth-management clients, takeovers are not just corporate events — they are potential portfolio-change moments. We help you understand whether a takeover supports your strategic objectives or introduces risk outside your comfort zone.”
Final thoughts
At Mulberry Wealth Securities, we believe the takeover environment in the UK for 2025 represents more than just a rebound — it reflects a structurally evolving market where more deals are available, participants are diverse, and premium execution matters. Investors should view this as a tactical opportunity—but one that demands discipline, structural awareness, and strong global perspective.
If you’d like to explore how takeover events could impact your portfolio, or how to position for potential deal-related opportunities (or risks), our Advisory Team is ready to discuss how to align these themes with your long-term wealth-management strategy.
This blog post is for informational purposes only and does not constitute financial advice. Past performance is not indicative of future results.
