Three more London-listed companies are poised for takeover, pushing the total value of deals removing firms from the capital's stock market past $100bn (£74bn) so far this year.
On Tuesday, Bodycote, a FTSE 250 industrials group listed since 1972, agreed a £1.84bn takeover by the US private equity group Veritas. Veritas stated that Bodycote's prospects would be better served as a private company, allowing for enhanced flexibility and a long-term perspective for investment and growth.
Separately, telecoms company Gamma Communications recommended a £1.1bn offer from UK private equity firm Epiris. Epiris indicated that a private company environment would allow Gamma to invest further and focus on sustainable long-term business growth. Additionally, Scottish energy company Capricorn is set to exit the FTSE all-share after 38 years, following a $396m deal with Norwegian rival DNO.
These takeovers add to the pressure on the London Stock Exchange, which has seen an exodus of companies this year, with deals totalling almost $110bn, according to Bloomberg data. Previous deals include easyJet's £5.7bn takeover by Apollo, Segro's £14bn takeover by Prologis, and the sale of ITV's broadcasting and streaming business to Comcast for £1.6bn.