Three listed companies, Bodycote, Gamma Communications, and Capricorn Energy, have unveiled plans to exit the London Stock Exchange, with combined takeover values exceeding £3bn. These announcements were made on the first trading day following the summer break.
Macclesfield-based Bodycote, a FTSE 250 member since 1972, has reached an agreement to be acquired by US private equity firm Veritas Capital for £1.9bn. The offer of 932p per share represents a 41.4 per cent premium over the average share price for the twelve months to May.
Gamma Communications, also a FTSE 250 constituent, has recommended a £1.1bn offer from UK private equity firm Epiris. This follows earlier talks with European buyout firm Waterland. Epiris's all-cash bid offers a 53 per cent premium to Gamma's shares before takeover speculation began several months ago.
Separately, Scottish energy firm Capricorn Energy has agreed a $396m (£292m) deal with Norwegian rival DNO, ending its 38-year presence on the London Stock Exchange. Capricorn switched its recommended offer from Genel Energy to DNO after the Scandinavian bidder tabled a higher offer.
These planned takeovers contribute to what is described as a record pace of companies leaving the London Stock Exchange this year, with over 50 firms having either accepted offers or being subject to interest from private or foreign-listed entities.