UK Takeover Targets Ask for More Despite Best Premiums in Years

Bargain hunters on the prowl for British companies are finding that UK Plc is no pushover, with even the most beaten-down companies battling would-be buyers for better takeover price premiums.

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. ...