Shares in Hiscox surged to a record high on Friday after reports emerged that it has become the latest UK-listed company to attract takeover interest from overseas buyers, amid a broader resurgence in cross-border dealmaking targeting London markets.
According to a report in Insurance Post, Canada’s Intact Financial Corp is exploring a potential acquisition of Hiscox. The Canadian insurer, which specialises in property and casualty coverage, is believed to view Hiscox as a strategic fit to expand its commercial insurance operations. The report also suggested that Intact’s chief executive has long been searching for a sizeable acquisition target and is known internally to be an admirer of Hiscox’s business model and market positioning.
The speculation triggered a sharp rally in Hiscox shares, which climbed by as much as 15.3% during Friday trading, reaching an all-time high of £18.90. The company did not immediately respond to requests for comment.
The development adds to a growing list of UK-listed firms drawing overseas takeover interest, as relatively low valuations and a weaker sterling environment continue to make British assets attractive to foreign bidders.
Earlier in the week, the FTSE 250 ingredients group Tate & Lyle confirmed it had received a £2.7bn takeover proposal from US-based Ingredion. The approach sent Tate & Lyle’s shares up sharply, rising by around 45% on the announcement. The company, which originated in Liverpool in the 19th century as a sugar refiner, has undergone major restructuring over the past decade, including the sale of its historic sugar division in 2010.
Meanwhile, FTSE 100-listed testing and certification firm Intertek confirmed on Wednesday that it is “minded to recommend” a £10.6bn takeover offer from Swedish private equity group EQT. Intertek had previously rejected several earlier approaches from EQT but said it had reconsidered the latest proposal following engagement with shareholders and a strategic review.
Intertek, which traces its origins to the 19th century when early UK, Canadian and US businesses merged, has faced increasing pressure from some investors to consider a sale. Among those publicly urging acceptance of the offer is Matt Peltz, son of activist investor Nelson Peltz.
Selected UK takeover activity
| Target company | Buyer | Deal value | Sector | Status |
|---|---|---|---|---|
| Hiscox | Intact Financial Corp | Undisclosed | Insurance | Reported bid interest |
| Tate & Lyle | Ingredion | £2.7bn | Food ingredients | Offer confirmed |
| Intertek | EQT | £10.6bn | Testing & certification | “Minded to recommend” |
The recent surge in takeover activity underscores a renewed appetite among global investors for established UK-listed companies, particularly in sectors such as insurance, industrial services, and food ingredients. Market analysts suggest that continued valuation disparities between London and North American markets are likely to sustain this trend in the near term.