UK Takeover Targets Ask for More Despite Best Premiums in Years [BNN Bloomberg (Canada)]
GXO Logistics, Inc. (GXO)
Company Research
Source: BNN Bloomberg
Electronics retailer Currys Plc and Direct Line Insurance Group Plc recently turned down what looked like generous offers, with bids in both cases coming in well in excess of their share prices. M&A premiums for UK companies as a whole are running at 34% — near the highest level since 2018 — and yet, in some cases like Currys it still amounts to a fraction of the stock's peak price. The UK has become a hotbed for deals in the last few months, driven mainly by rock-bottom valuations. While British shares are cheaper than most overseas counterparts, companies also look attractive on a key M&A valuation measure, the multiple of enterprise value to earnings. On that basis, London trades at a 50% discount to global peers. Hence, boards holding out for higher takeover offers makes a lot of sense. “These bids aren't amazing, they aren't extraordinary. They're taking the valuation back to normal where it used to be over the last 30 years,” said Adrian Gosden, a portfolio manager at Jup
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