If you are of the mind, as I am, that the wave of M&A is a long-term negative for the UK market then there was a positive development on 23 June. GP practices landlord Assura (AGR) announced plans to merge with its peer Primary Health Properties (PHP) rather than be taken over by private equity group KKR. Yes, the ranks of the UK market are still thinner as a result of this deal but, assuming...

PHP offer has edged slightly ahead Deal could include October dividend Firm rejects 'financial risk' claim The ongoing tussle between a consortium led by US buyout firm KKR (KKR:NYSE) and UK primary health care property owner PHP (PHP) for control of Assura (AGR) took yet another turn today with PHP upping the stakes. By mid-morning, shares in Assura were unchanged at 49.9p while PHP shares...

The takeover bandwagon is picking up speed as the year progresses with deals seemingly now being announced each week. On 9 June US chipmaker Qualcomm (QCOM:NASDAQ) agreed to take over Alphawave IP Group (AWE), which designs high-speed data transmission technology and licences it to semiconductor designers and manufacturers, much like Cambridge-based ARM (ARM:NASDAQ), once the UK's biggest...

Companies which sit in the middle of the market capitalisation range, represented in the UK by the FTSE 250 index, by definition have the potential to become the next large-cap leaders. Unlike small caps, mid caps are big enough to have built a stable business supported by a strong balance sheet, but in contrast to large caps, still have the potential to grow for decades to come. The problem...

London opened in the green on Wednesday, boosted by investor optimism following the agreement of a 'framework' between the US and China after trade talks. Still to come in the afternoon, is the latest batch of US consumer price inflation data, and a UK spending review. The FTSE 100 index opened up 11.84 points, 0.1%, at 8,864.92. The FTSE 250 was up 44.46 points, 0.2%, at 21,433.92, and the...

The UK market's long-awaited IPO comeback is conspicuous by its absence. There were only four floats in the first quarter of 2025 versus 15 takeover situations, meaning the UK market continues to shrink in size. Last summer, there was market euphoria about a new government coming into power and how that would create more certainty for businesses. They might not like all policies, but they...

Offer raised to 49.4p per share Price equates to 100% of tangible net assets Rival cash and shares offer rejected Shareholders in healthcare facilities provider Assura (AGR), of which the author is one, received the news today the company had agreed a final all-cash offer from KKR and Stonepeak worth £1.6 billion or 49.4p per share. The offer represents 100% of Assura's EPRA net tangible...

A revised approach for FTSE 250 healthcare facilities owner Assura (AGR) by US buyout fund KKR (KKR:NYSE) and Stonepeak Partners brings UK M&A deal values so far this year to around £3.6 billion by our calculation.That is only around 25% of the value of deals announced in the first quarter of last year, although in fairness we haven't included Sidara's reported interest in energy services...

Private equity bid raised by 2.9%Board inclined to recommend offerRival all-share PHP deal rejectedIt could be fifth time lucky for US buyout fund KKR (KKR:NYSE) after it raised its bid for UK primary healthcare facilities owner Assura (AGR) from 48p to 49.4p including the upcoming dividend.The shares, which popped to 45p after it was revealed last month KKR had made four approaches to the...

Like every investor who turns on their computer in the morning to find one of their stocks has been bid for, my initial reaction to the news US buyout giant KKR (KKR:NYSE) had offered a premium for my shares in healthcare facilities provider Assura (AGR) was 'happy days'.The joy was momentary, however, as I then contemplated what it would mean for my portfolio if I no longer owned Assura and...

Buyout firm offers 48p per shareFourth attempt to reach a dealAnalyst calls premium 'fair'Investors in healthcare facilities provider Assura (AGR) will have received the news of an approach from buyout giant KKR (KKR:NYSE) with mixed feelings given the FTSE 250 firm is an income stalwart with an attractive yield.The shares immediately jumped 7p or 18% to 46p, just short of KKR's 48p per share...

The FTSE 100 opened in the green on Monday despite geopolitical concerns and tariff worries continuing to hang over equities.The FTSE 100 index rose 13.43 points, 0.2%, at 8,745.89. The FTSE 250 added 64.96 points, 0.3%, at 20,977.97, and the AIM All-Share rose 1.33 points, 0.2%, at 727.39.The Cboe UK 100 was up 0.3% at 877.63, the Cboe UK 250 also added 0.3% to 18,333.89, and the Cboe Small...

On 1 August the Bank of England's Monetary Policy Committee made a 5-4 decision to kickstart its rate-cutting cycle. A 25 basis point reduction in the base rate to 5% marking The Old Lady of Threadneedle Street's first cut since March 2020.This means cash savings rates are heading in one direction, down. And the lower-than-expected jump in UK inflation reported on 14 August only boosted market...

On 17 July, Sir Keir Starmer's new Labour government announced its plans for the first year of the new parliament, with growth and wealth creation the priority.King Charles' speech at the State Opening of Parliament included a total of 39 bills under a new legislative agenda which includes speeding up the delivery of 'high-quality infrastructure and housing' and nationalising railway...

For the second part of our annual survey, we asked fund managers if they had changed their view on any stocks this year, for better or for worse, and what lay behind their decisions.As with the winners and losers survey last week, the answers were often frank and once again we would like to thank everyone who took part.Thomas Moore - Aberdeen Equity Income Trust (AEI)THE STOCK THAT I CHANGED...

September was a bad month for stocks in general, but it was especially poor for UK REITs (real estate investment trusts), with 77% of the sector by market cap being derated according to analysts at Winterflood, leaving 24 out of 32 trusts down over nine months.With worries over the economy, discounts to NAV (net asset value) continuing to widen and retail investors exiting the sector in their...

British American Tobacco's new boss shows market that he backs his own leadershipComputacenter CEO cashes in on positive set of resultsAssura directors buy over £86,000 sharesBritish American Tobacco (BATS) CEO Tadeu Marroco has bought 10,000 shares at £25.74 for a total value of £257,386 on 6 June.The purchase comes as no surprise as the shares have fallen almost 22% year-to-date and...

The severe tightening in financial conditions in the second half of 2022 caused commercial property values to fall at the fastest six-month rate on record.As a result of much cheaper valuations, investors are asking themselves whether now is a good time to start taking positions in listed property companies and real estate investment trusts, also known as REITs.We look at where valuations are,...

Investors are increasingly looking for stocks, bonds or funds that pay a good income.Dividends or bond coupons provide positive returns which are particularly attractive in a more challenging market such as now.Many people have this year lost money from backing high-growth but dividend-less stocks such as Tesla (TSLA:NASDQ) and Netflix (NFLX:NASDAQ), and they're fed up.In the other side of the...

Recession concerns have been seeping into the investment narrative in recent weeks. The war in Ukraine has exacerbated supply shortages and added unexpected fuel to the inflationary fire.Inflation in basic non-discretionary goods crimps spending elsewhere and could put a big dent in the expected nascent global recovery.While recession isn't the base case for most economists, investors may do...