Ian Hewett voiced concerns over the lack of discussion around the £1bn takeover of FTSE 250 company Gamma Communications by private equity firm Epiris, which shareholders are expected to vote on at an annual general meeting on October 20.

Gamma Communications has recommended the offer from Epiris. Brokers Peel Hunt described the takeover activity in the UK market as “unprecedented”.

A note from Peel Hunt said the number and value of takeover approaches are running at “exceptionally high levels”, with offers currently on the table for five FTSE 100 companies, 13 FTSE 250 firms and 14 FTSE Small Cap stocks.

Mr Hewett, an investment director at Aberdeen Investments, said: “There is a danger the UK is developing takeover fatigue. Companies leave the stock market so regularly now that bids which once would have prompted vigorous debate can pass with relatively little discussion.

“There has been little public discussion on the proposed takeover of Gamma, which I continue to hold because I see greater value in the business [than] the market price or bid reflects. I believe this value can be realised in the years to come as a listed company. Other investors will make their own judgements, and for a range of reasons, but there is a risk that takeovers are increasingly viewed as inevitable rather than something shareholders should actively scrutinise.

“Shareholders don’t have long to decide, but they are not simply voting on a transaction. They are deciding whether a successful, cash-generative UK technology company remains part of the market or disappears from it. Gamma is one example, but every time a good company leaves public markets, investors have one fewer opportunity to participate in its future growth.

“One of the UK’s real strengths is the governance that comes with public markets and the fact shareholders have a say. If we want vibrant listed markets in the future, we need an ownership culture where investors engage with these decisions rather than simply accepting that another company slipping away is the natural course of events.”

Under the terms of the deal, Gamma will be acquired by bid vehicle Bradbury Bidco, which will pay 1,120p in cash, representing a 53% premium to Gamma’s closing price of 732p on April 7, 2026, the final trading day before the company entered an offer period.

Q Advisors and Barclays advised Gamma on the financial terms, with directors, who also hold shares, understood to have committed to vote in favour of the deal. Private equity firm Epiris wants to accelerate Gamma’s development as a private company through increased investment in products, commercial execution and innovation, including greater adoption of artificial intelligence.

Completion is currently expected in the first half of 2027.