Gamma Communications (GAMA): Offer for the company

This situation live

£984m · £10.91 · +50% since the first step

Takeover target

Offer for the company

offer · lapsed

Boardconsidering

Next: Scheme Document publication; antitrust and regulatory approvals

Every step · 5

7 Apr 2026 approach – The Board notes the recent press speculation and confirms that it is in preliminary discussions with a number of interested counterparties with a view to... ↗
13 May 2026 offer – Providence Equity Partners L.L.C. are amongst the parties in discussions with the Company in the context of the announcement made by Gamma on 7 April 2026. ↗
12 Jun 2026 lapsed – Oakley confirms that it is not intending to make an offer for Gamma. ↗
25 Sep 2026 offer – the Gamma Directors recommend unanimously that the Gamma Shareholders vote or procure votes in favour of the Scheme at the Court Meeting and the Resolution... ↗
1 Oct 2026 offer – Waterland confirms that it does not intend to make an offer for Gamma. ↗

What is happening

Gamma Communications: Offer for the company – offer. ['offer']

In short: Gamma entered an offer period on 7 April 2026. Providence and Oakley dropped out, and on 1 September 2026 Gamma and Epiris's Bidco agreed a recommended 1,120p cash offer (about £1,015m) by scheme of arrangement. The 7 September half-year results restate the Board's reasons: a certain cash value superior to the standalone strategy. No further dividends will be paid before the effective date.
Announced: 7 Apr 2026 · approach
Latest: 1 Oct 2026 · lapsed
Other parties: Discussions with other potential offerors remain ongoing
Extension: Deadline extendable only with Panel consent under Rule 2.6(c)
Premium: 53% to 732p undisturbed close on 7 April 2026
Board view: Recommended; Board sees the cash offer as a superior outcome to the standalone strategy
Irrevocables: Directors' 114,824 shares, about 0.13% of shares in issue (excluding treasury)
Timetable: Scheme Document within 28 days of 1 September 2026; completion expected H1 2027
Offer: 1,120p cash per share, about £1,015m, by scheme of arrangement (agreed 1 September 2026)
Dividends: No further dividends intended before the effective date

Scheme Document publication; antitrust and regulatory approvals.

Briefing Pro

What it does, how it got here, what management promised and delivered – written from its own announcements.

From the company's own announcements. Not investment advice.

Also at Gamma Communications 2 open