UK Public M&A Monthly Activity Update: August 2026

In August 2026, there were five Rule 2.7 announcements made across the UK public M&A market and three further possible offers announced. The FCA's latest Primary Market Bulletin reminds issuers not to make promotional regulatory announcements and summarises its latest delayed disclosure notifications review The Financial Conduct Authority (FCA) has published guidance for listed companies in its Primary Market Bulletin (PMB 65). Its main focus is on listed company disclosures and inside information. Review of delayed disclosure of inside information (DDII) notifications The FCA has continued to review DDII notifications where there is an unusually long period of delayed disclosure or where the circumstances around the delay are not immediately clear from a DDII notification. It says that it has not identified widespread or systemic failures by issuers when delaying disclosure of inside information. Issues mainly arise where: The FCA also says that a DDII notification is not required where, in the event of an unexpected development, an issuer needs a short period of time to clarify the position before announcing inside information. New inside information declaration form for FCA submissions From Monday 21 September 2026, when documents (including guidance requests) are submitted to the FCA for review through the Electronic Submission System (ESS) portal, a new form will have to be included with the first submission, stating whether the submission contains inside information and, if so, giving details of what the inside information is. Other areas covered by PMB 65 include the approach taken by sponsors to financial and working capital due diligence in connection with new admissions to listing in the Equity Shares (Commercial Companies) category and a reminder of the FCA's emergency powers in relation to short selling.Strategic bidders have been the dominant acquirer group in 2026, particularly during the middle of the year. Strategic activity increased steadily from three bidders in May to six in June, before reaching a peak of seven bidders in July, representing the highest monthly total recorded by any bidder type so far this year. While sponsor activity has also been strong and consistent, peaking at four bidders in August, it has generally remained below the levels seen among strategic bidders during the busiest months. August marked a notable shift, with sponsor bidders accounting for four of the five firm offers announced during the month, including Peel Holdings Group Limited's offer for Harworth Group plc, Apollo Global Management, Inc.'s offer for easyJet plc, Ridgeview Partners LLC's offer for Pinewood Technologies Group plc and Bentley Park (UK) Limited's offer for Time Finance plc.[View source.]