Dutch private equity firm Waterland is preparing a rival offer for Gamma Communications, potentially topping the £1.08bn takeover agreed with British buyout firm Epiris. On 1 September, Gamma recommended an all-cash offer from Epiris, made through vehicle Bradbury Bidco, at 1,120p per share, valuing equity at about £1.02bn.

Under the City Code on Takeovers and Mergers, Waterland must announce a firm intention to bid or walk away by 18 September. A walk-away typically triggers a six-month ban on returning. Epiris's firm offer on 1 September already met its own deadline.

The board now faces a trade-off: a potentially higher price from Waterland against the certainty of a clean, single-owner deal with Epiris. Waterland's plan reportedly involves breaking up Gamma and selling two divisions to UK telecoms company Giacom. Both divisions serve small and medium-sized enterprises and accounted for nearly 30% of group revenue last year.

Gamma shares rose about 2% on Monday to around 1,180p, well above the 1,120p Epiris is offering. In the first half of 2026, Gamma revenue rose 4% to £330m, with recurring revenue at roughly 90% of total.