London Stock Exchange to lose three more firms after takeover offers

The value of deals removing firms from the London Stock Exchange's under-pressure market has surpassed $100bn this year, with three more London-listed companies set to be taken over. Bodycote, a FTSE 250 industrials group listed on the LSE since 1972, agreed to a £1.84bn takeover by the US private equity group Veritas. The Macclesfield-based company offers services including heat treatment for manufacturing, metal joining, and protective metallic coatings.

Veritas believes Bodycote's prospects would be better served as a private company under its ownership, as it will gain enhanced flexibility and a long-term perspective to pursue growth opportunities.

Gamma Communications, a telecoms company, recommended a £1.1bn offer from UK private equity company Epiris after confirming it was in possible takeover talks with European buyout company Waterland. Epiris first expressed interest in a potential takeover in June, stating that the additional flexibility from a private company environment would enable Gamma to invest further and focus on long-term growth.

Scottish energy company Capricorn, which has been on the FTSE all-share for 38 years, is set to end its tenure on the index after striking a deal with Norwegian rival DNO for $396m. Capricorn had previously recommended an offer from Genel Energy but switched its recommendation after receiving a higher offer from DNO.