The UK public market has become a popular source for deals, and with increased activity law firm Covington has noted a return of the bear hug tactic, issuing an alert to its clients. Bidders that encounter resistance from target boards increasingly choose to make their terms public rather than negotiate privately, the firm says. The structural reasons include persistent valuation discounts and shareholders’ preference for a premium today. A bear hug is not a hostile takeover but a tactic to force negotiations.

Apollo Global Management has reached an agreement to acquire EasyJet, valuing the London‑listed airline at £5.7bn ($7.7bn, €6.6bn) with a £7.15 per‑share offer – an 81% premium to the closing price on May 28. Castlelake, which had bid £6.50 per share, has now dropped out, saying private ownership would give EasyJet the flexibility to invest long‑term without the constraints of a public market.

Meanwhile, Partners Group has agreed to buy a majority stake in AVK Power Solutions, a Maidenhead‑based provider of power systems for data centres and AI infrastructure. The group plans to invest more than $1bn of equity, backed by debt, to accelerate growth. AVK designs, installs and maintains backup generators, microgrids and modular units that can run on biogas, biofuel and hydrogen. “AI is driving one of the largest infrastructure build‑outs in decades,” says Nicholas Pepper, managing director, infrastructure, at Partners Group.