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Mergers & AcquisitionsMediumUpdated•Originally published 7 September 2026•Updated 8 September 2026•
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Waterland Reportedly Weighs Bid Above Epiris' £1.08 Billion Gamma Deal

Key Facts

1Epiris' recommended offer is 1,120 pence per share and implies an enterprise value of about £1.079 billion.
2Reuters reported that Waterland is considering a bid above Epiris' roughly £1.08 billion transaction, but no firm bid has been announced.
3Waterland's deadline is 5:00 p.m. London time on September 18, 2026, unless the Takeover Panel approves an extension.

Reuters, citing the Sunday Times, reported that Waterland is considering an offer for Gamma Communications above the £1.08 billion enterprise value of the agreed Epiris transaction. The prospective Waterland proposal remains a reported plan, not a firm bid announced by Waterland.

The boards of Gamma and Bradbury Bidco reached agreement on September 1, 2026 on the terms of a recommended cash offer. Bidco is controlled by funds managed or advised by Epiris, and the offer gives Gamma shareholders 1,120 pence per share, valuing the fully diluted equity at about £1.015 billion and implying an enterprise value of about £1.079 billion.

Gamma confirmed on August 21, 2026 that Waterland was among the parties in preliminary discussions over a possible offer for the entire company. It said Giacom was acting in concert with Waterland and would acquire certain Gamma divisions if the transaction proceeded, while stressing that neither an offer nor its terms was certain.

Under the plan reported by Reuters, 2 Gamma divisions serving small and medium-sized businesses would be sold to Giacom after a takeover. The divisions generated nearly 30% of Gamma's revenue in 2025, although Gamma's August announcement confirmed only that Giacom would acquire certain divisions and did not specify the number or percentage.

Any firm higher proposal could require Gamma's board to weigh the additional price against certainty and ease of execution. The board said its selection of Epiris considered value, certainty, complexity and execution risk, while Reuters reported that Gamma viewed the Epiris transaction as more straightforward and carrying lower execution risk than the prospective Waterland structure.

Under the Rule 2.6 deadline announced by Gamma, Waterland must declare a firm intention to bid or state that it will not make an offer by 5:00 p.m. London time on September 18, 2026, unless the Takeover Panel consents to an extension. Until then, Epiris' 1,120-pence-per-share transaction remains the announced recommended offer, while any Waterland terms remain undisclosed.