Gamma Communications confirms preliminary takeover talks with Waterland

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Gamma confirms takeover talks

Highlights

Gamma Communications confirms preliminary takeover talks with Waterland Private Equity Investments B.V., with Giacom Group to acquire certain Gamma business divisions.
Gamma continues talks with other potential offerors, and Waterland must announce a firm offer or withdraw by 5.00 pm London time on 18 September 2026.
Panel on Takeovers and Mergers has granted dispensation from Rules 2.4(a) and 2.4(b), allowing Gamma not to name other potential offerors unless specifically required.

Takeover discussions and deadline

As reported by London Stock Exchange, citing Regulatory News Service, Gamma says discussions with Waterland Private Equity Investments B.V. over a possible offer for the entire issued and to be issued share capital of the company remain at a preliminary stage. The company adds that Giacom Group is acting in concert with Waterland in connection with the possible acquisition, with Giacom set to acquire certain Gamma business divisions.

Gamma says talks with other potential offerors are also continuing. It adds that there is no certainty that any offer will be made, or about the terms of any offer if one is made.

Under Rule 2.6(a) of the Takeover Code, Waterland must by 5.00 pm London time on 18 September 2026 either announce a firm intention to make an offer under Rule 2.7 or confirm that it does not intend to proceed. Any extension to that deadline requires consent from the Panel on Takeovers and Mergers under Rule 2.6(c).

Panel dispensation and market implications

Gamma also says the Executive of the Panel on Takeovers and Mergers has previously granted a dispensation from Rules 2.4(a) and 2.4(b) of the Code. That means the company is not required in this announcement to identify potential offerors it is in talks with, or from which an approach has been received, unless a party has been specifically named in rumour or speculation.

The statement leaves open the prospect of further developments as the process continues, but it also signals that competing interest remains possible while discussions with multiple parties are ongoing. Gamma says a further announcement will be made if and when appropriate.

In our earlier report on the subdued close to a volatile week for UK equities, we outlined how investors weighed mixed UK economic data, geopolitical tensions, and persistent inflation concerns. We also highlighted key market drivers such as gains in mining stocks on firmer metals prices and expectations that the Bank of England would likely hold rates near term while markets still priced in a potential hike by end-2026.

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