Special situations

Strategic reviews, disposals, bids, activists, large orders and insider buying – each read from the company’s own announcement and weighed against its size.

Today 7 days 30 days 6 months

Approaches and offers, strategic reviews and sale processes, and holders building a stake towards the 30% mandatory-offer threshold.

Newest first. Each situation is weighed against the company – the size of the event relative to its market value and revenue, who is involved and what happened before. Context is written by AI from the announcements and our data – check the source. Not investment advice.

Date	Company	Mcap	Theme	What happened
13 Oct	Inspiration Healthcare Group IHC	£17m	Takeover targets	Redworth Portfolio Ltd. raised its holding to 25.03% (from 0%)
	Earlier on this situation 13 Oct Charter Kontron Limited holds 25.03%
13 Oct	YouGov YOU	£318m	Takeover targets	The Shopper strategic review is ongoing, with further updates to be provided in due course.
12 Oct	Permanent TSB Group Holdings (CDI) PTSB	£1,383m	Takeover targets	Axis Capital announces possible competing offer for PTSB at €3.20 per share, 7.7%...
	Earlier on this situation 12 Oct ADDENDUM TO THE POSSIBLE OFFER ANNOUNCEMENT OF AXIS CAPITAL DATED 2 OCTOBER 2026 12 Oct Irish Takeover Panel ruling finds no breach in BAWAG acquisition process or conduct. 9 Oct Board confirms no contact with Scotchstone Capital and rejects speculative takeover approach announcement. 9 Oct Scotchstone Capital LLP considering possible offer for Permanent TSB Group Holdings plc. 5 Oct PTSBGH confirms no offer from Axis; remains focused on BAWAG acquisition with High Court sanction scheduled 27 October 2026. 30 Jul BAWAG PSK's recommended cash offer for Permanent TSB approved by shareholders at scheme meeting and EGM. 29 Jul In April, following a robust and competitive formal sale process, the PTSB Board announced that it had agreed the terms of a transaction with BAWAG to acquire the entire issued share capital of PTSB. 23 Jun CCPC has unconditionally cleared BAWAG PSK's recommended cash offer for Permanent TSB. 15 May Scheme Document published for BAWAG's recommended cash offer to acquire PTSBGH at €2.97 per share. 14 May High Court ordered convening of scheme meeting for BAWAG's recommended cash offer for Permanent TSB on 30 July 2026. 8 May We were also pleased to recently announce the Board's recommended offer by BAWAG Group, of 297 cents per share for the entire issued share capital of the Bank, following a rigorous and competitive Formal Sale Process. 21 Apr BAWAG agreed recommended all-cash offer for PTSB on 14 April 2026; Q1 net profit €232m.
9 Oct	Tribal Group TRB	£219m	Takeover targets	Rival 111p possible offer
	Why it matters On 29 September 2026, Jenzabar (26.19% shareholder) announced a possible cash offer at 111p per share, 5.7% above the ~105p Main Capital sale terms. It is conditional on due diligence and committed financing. The Board still unanimously backs the Main Capital sale. Background The offer period began on 11 September with the Main Capital sale (~£189.3m). The Board said the price was raised to ~£231.2m (~105p) on 27 September. Holders of over 50% have given irrevocable votes in favour, binding even if a higher offer emerges. The General Meeting is on 2 October. What to watch Jenzabar must announce a firm offer or walk away by 5pm on 27 October (the Panel can extend this). The 2 October meeting result is not in the material. Market The share price closed at 100.0p on 28 September and 102.5p on 30 September (+2.5%). The latest close, on 8 October, was 103.0p. Earlier on this situation 9 Oct SilverTree withdraws non-binding offer for Tribal Group, subject to Rule 2.8 restrictions for six months. 29 Sep Jenzabar announces possible 111p cash offer for Tribal, competing with Thames Bidco's 105p Proposed Sale. 11 Sep rejection of an alternative possible offer and requirement for a shareholder vote under Rule 21.1 of the Takeover Code
9 Oct	First Tin 1SN	£75m	Takeover targets	Possible 15p cash offer
	Why it matters Metals X Limited made an unsolicited, indicative cash proposal on 8 Oct 2026 at 15p per share, 30% above the 11.5p close. On the 541.9m shares in issue that is about £81m. First Tin disclosed it at 11:28 on 9 Oct, and Metals X confirmed it at 14:00. Background Metals X is linked to directors Peter Gunzburg and Brett Smith, who are excluded from the Board's review. It was notified as closely associated with them on 15 Dec 2025, after a £6.3m fundraise. Updated Taronga reserves (13 Aug) and feasibility study (17 Aug) followed. What to watch 5pm on 6 Nov 2026, when Metals X must announce a firm offer or walk away (the Panel can extend this). Also the Board's response and Metals X's opening position disclosure. Market Close on 8 Oct was 11.5p, before the announcement. No post-announcement price is available. Market cap is ~£62.3m.

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