Situations

Approaches, offers, competing bids – the price and the timetable.

Wednesday

1. Takeover SThree STEM£358m

   Possible offer

   Circle8 approached SThree on 9 Sep 2026 and confirmed an unpriced all-cash possible proposal on 11 Sep, which the Board unanimously rejected as significantly undervaluing the company.

   Stage ApproachFunding Structured as all cash, without issuing additional Circle8 …Certainty No certainty any firm offer will be made or of its termsBoard minded

   Next firm offer or walk away (Rule 2.6) 18 Nov · in 23 days +12% since 9 Sep · moved 21 Oct
2. Takeover Mobico Group MCG£246m new

   Possible offer

   A bidder has made a possible offer for Mobico Group at 46p in cash, a premium of 55% on 29.7p.

   Stage ApproachOffer 46p in cashPremium +55% on 29.7pSpread now +18.7% to the offer

   +31% since 21 Oct · moved 21 Oct

Earlier this month

1. Takeover Kenmare Resources (CDI) KMR£200m

   Possible offer

   On 6 Oct 2026, after press speculation, Kenmare confirmed a non-binding proposal from IRH for a possible cash offer for the whole company. The 15 Oct Q3 report says talks are ongoing and gives no price or new terms.

   Stage ApproachBidder International Resources Holdings RSC Ltd (IRH)Offer Non-binding proposal for a possible cash offer for the …

   Next IRH firm offer or no-offer statement under Rule 2.7/2.8 17 Nov · in 22 days +25% since 6 Oct · moved 15 Oct
2. Takeover First Tin 1SN£73m

   Possible offer

   First Tin received an unsolicited, indicative proposal from Metals X, announced 9 October 2026, for a possible cash offer at 15p per share.

   Stage ApproachOffer Preliminary, non-binding indicative cash offer for all …Bidder Metals X Limited, existing shareholder with two appointees …

   Next firm offer or walk away (Rule 2.6) 6 Nov · in 11 days +17% since 9 Oct · moved 9 Oct
3. Takeover Logistics Development Group LDG£91m

   Possible offer

   A bidder has made a possible offer for Logistics Development Group at 20p in cash, a premium of 5% on 19p. The board has rejected it.

   Stage ApproachOffer 20p in cashPremium +5% on 19pSpread now -7.0% to the offerBoard opposes

   Next firm offer or walk away (Rule 2.6) 5 Nov · in 10 days +13% since 8 Oct · moved 8 Oct
4. Takeover 80 Mile 80M£49m

   Possible offer

   On 8 Sep 2026 the 80 Mile and Greenland Energy boards agreed indicative all-share terms at about 1.1p per share, valuing 80 Mile at £61.48m.

   Stage ApproachOffer 0.01108 new Greenland Energy shares per 80 Mile share; …Premium 42.86% to 3 Sep 2026 price; 46.67% to 7 Sep 2026 price; …

   +20% since 8 Sep · moved 6 Oct
5. Takeover Vesuvius VSVS£1,093m

   Possible offer

   RHI Magnesita has made unsolicited proposals since 29 September 2025 (first 448p cash), all rejected.

   Stage ApproachOffer 470p in cash and sharesPremium +26% on 374.4pIrrevocables 23%Board opposes

   Next firm offer or walk away (Rule 2.6) 27 Oct · in 1 days +22% since 29 Sep · moved 29 Sep

A row opens the situation with its chart and every step. Company pages also show the smaller matters – a new CEO, a plan, a contract, director buying.