Traditionally, UK takeovers were negotiated privately, but a growing trend sees public, semi-hostile approaches. This shift is driven by a dislocated market where bidder and target valuations may diverge.

Companies like Prologis (targeting Segro), Castlelake (pursuing easyJet), and Zurich (bidding for Beazley) have recently employed public strategies. These often involve the bidder publicly highlighting the merits of their offer or the target's perceived flaws, challenging the board's valuation.

While boards rely on corporate brokers and long-term fundamental value, some shareholders may prefer immediate offers. The declining presence of local, long-term institutional investors, who might align with boards, further complicates defenses. Despite the disruption and potential for acrimony, these public campaigns effectively expose board-shareholder rifts, making them a sensible strategy for buyers.