The scale of the London Stock Exchange exodus has been laid bare on the first trading day after the summer break, as three listed companies simultaneously revealed plans to leave the market. FTSE 250 members Bodycote and Gamma Communications, along with energy firm Capricorn, each announced fresh bids to be taken private, with a combined takeover value exceeding £3bn.
Bodycote agrees £1.9bn Veritas takeover
Macclesfield-headquartered Bodycote, the largest of the three firms and a London Stock Exchange member since 1972, said it had reached an agreement to be acquired by US private equity house Veritas Capital. The deal values the metallurgy business at £1.9bn, with a bid of 932p per share representing a premium of 41.4 per cent above the average price of 659.5p per share for the twelve months to May. This follows Bodycote rejecting earlier approaches from Veritas and CVC.
Gamma Communications backs £1.1bn Epiris offer
Gamma Communications has endorsed a £1.1bn offer from UK private equity house Epiris, days after confirming it was in discussions with European buyout firm Waterland regarding a potential takeover. Epiris said on Tuesday it had tabled an all-cash proposal for the FTSE 250 telecoms provider, at a 53 per cent premium to its shares before takeover speculation first surfaced several months ago. Waterland, an Irish-based dealmaking firm, had intended to swoop in on the sale of Gamma to Epiris before subsequently offloading a substantial portion of the business to Giacom, a telecoms company chaired by Matthew Riley.
Waterland's involvement had raised the prospect of yet another bidding war for a London Stock Exchange-listed firm, just weeks after Apollo fended off stiff competition from US buyout house Castlelake to acquire Apollo. Epiris's formal offer, arriving just one day before a Takeover Panel deadline, looks set to draw a line under months of uncertainty surrounding Gamma's future. The telecoms giant first informed shareholders it was in discussions with Epiris in May, since when it has also rebuffed approaches from Providence Equity Partners and Oakley Capital.
Capricorn Energy agrees $396m DNO deal
Separately, Capricorn Energy has struck a deal with Norwegian rival DNO worth $396m (£292m), in a transaction set to bring an end to Capricorn's 38-year presence on the London Stock Exchange. The Scottish energy company switched its recommended offer from Genel Energy to DNO, after the Scandinavian bidder put forward a proposal $36m higher than Genel's.
Pressure mounts on LSE leadership
This trio of acquisitions will heap additional pressure on senior leadership at the London Stock Exchange, which has been haemorrhaging constituents at an unprecedented rate this year. Over 50 companies have now either accepted bids or are facing approaches from firms that are either privately held or quoted overseas. London-listed stalwarts including Schroders, Beazely and Intertek have all departed the market in 2026, just as the exchange has been grappling to entice new listings in their stead.
