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Beazley’s (BEZ) board has rejected the latest takeover proposal from Zurich Insurance (CH:ZURN), after the Swiss group’s interest in the FTSE 100 insurer was made public earlier this week. 

Management argued that Zurich’s cash proposal of 1,280p per share, its second proposal this year after three approaches last summer, “materially undervalues Beazley and its longer-term prospects as an independent companyâ€�. 

It said the proposal, which valued Beazley at £7.7bn, was below a 1,315p per share approach last June which gave it an implied equity value of £8.4bn. The details of the June approach had not previously been disclosed.

While the board is “very confident in Beazley’s standalone prospects as a publicly listed company�, it added it is “open-minded about all options to deliver value�.

Analysts at RBC Capital Markets said they “remain of the view that consolidation at a reasonable premium could be in the best long-term interest of Beazley’s shareholdersâ€�. 

Beazley shares were flat in early trading. They are up 37 per cent since Zurich’s interest was disclosed on 19 January.

Private equity firm EOP Capital Advisers is set to take Kitwave (KTW) private in a deal that values the Aim-traded wholesaler at 295p a share, or £251mn. The shares jumped 33 per cent to 293p on the news.

The all-cash offer represents a 34 per cent premium to Wednesday’s closing price of 212p, but still falls short of the 331p the company was trading at less than seven months ago, before a July profit warning wiped more than a fifth off the share price.

Kitwave floated on the junior market in 2021 at a £101mn valuation, but like many consumer-facing businesses, profits have recently been put under pressure by weaker demand and rising labour costs. 

The board has unanimously backed the offer. Directors, who together own 5.2 per cent of the shares, have already committed to vote in favour, while total backing so far stands at 21.6 per cent of the issued share capital. 

Speaking for OEP, the board said the acquisition, which is expected to complete during the first quarter of 2026, would “advance Kitwave’s strategic ambitions, accelerate its long-term growth trajectory and reinforce its position as a leading national delivered wholesaler�.

“OEP has an excellent track record of helping businesses like Kitwave to significantly scale and the board believes that becoming a private company will provide greater financial flexibility to achieve its ambitions,� said Kitwave chief executive Ben Maxted.

Forterra (FORT) continues to hold up better than the wider market despite difficult conditions. The brickmaker, whose closest peer Ibstock (IBST) issued a gloomy statement last week, expects 2025 adjusted Ebitda to be in line with analysts’ expectations of £61.6mn. 

Lower interest costs and depreciation charges mean that adjusted profit before tax and earnings per share will both be ahead of analysts’ expectations for £32.5mn and 11.8p, respectively.

The company has continued to reduce its leverage levels, with its net debt, excluding lease liabilities, reduced to £56mn. 

Shares rose 3 per cent in early trading.

Shares in Elixirr International (ELIX) rose 3 per cent this morning after the consultancy said full-year revenue and profitability were on track to “meet or exceed� market expectations.

The firm, which has its sights set on joining the FTSE 250 by the end of the year after moving from Aim to the main market last summer, said revenue for 2025 should come in at or above the £149mn consensus forecast, which implies year-on-year growth of 33 per cent.

Adjusted Ebitda margins are also expected to land at or above the market’s 28.1-29.2 per cent range. Client quality continues to improve, too. The number of ‘gold clients’, those generating more than £1mn annual revenue, rose to 34, up from 27 in 2024.

Year-end net debt, excluding leases, stood at £24.1mn, around £7mn better than forecasts. Management added that Elixirr had entered the new financial year with a “record amount� of contracted revenue. Full-year results are due on 20 April.

Tritax Big Box (BBOX) has said it is negotiating terms with a potential operator for its 107MW data centre planned for west London. This would be the first of a broader data centre portfolio it plans to roll out in the next few years.

The warehouse landlord grew contracted annual rent by 15 per cent in 2025 to £361mn, largely driven by deals, including the acquisition of a £1bn portfolio from Blackstone (US:BX) in October. Tritax estimates the like-for-like market rents for its portfolio grew by 4 per cent in the same year.

The company didn’t provide an update to guidance, but chief executive Colin Godfrey said Tritax enters the new year “well positioned to deliver on our ambition to grow adjusted earnings by 50 per cent by the end of 2030�.

Shares rose 1 per cent in early trading.

Harbour Energy (HBR) reported sales of $10bn (£7.7bn) for 2025, almost double the 2024 figure thanks to the Wintershall Dea acquisition the year before, and free cash flow of $1.1bn, a full $1bn higher than 2024. But lower oil and gas prices mean the company has guided for a drop in cash flow this year, to $600mn. 

The company has just agreed to another major acquisition, this time in the Gulf of Mexico, that will see its oil and gas production hit around 500,000 barrels of oil equivalent per day (boe/d) by the end of 2026. Guidance for average production this year is 435,000-455,000 boe/d, compared to 474,000 boe/d in 2025. 

Harbour’s shares dropped 4 per cent on the update.

Judges Scientific (JDG) warned that adjusted earnings for 2025 would come in 6 per cent lower than broker forecasts, as there had been “no recovery� in its struggling US business. The company’s shares fell by 10 per cent in early trading.

The maker of scientific equipment has been suffering from a decline in demand in the US, the end market for about a quarter of its equipment, given uncertainty around federal funding for scientific research. Reduced investments in offshore wind has also led to a decline in demand from an otherwise-resilient industrial base.

The company’s order book has also weakened, leading it to cut earnings guidance to 200-250p a share, which at its midpoint is 18 per cent lower than the 275p it expects to earn in 2025.

Senior beats forecasts

Senior (SNR) said adjusted pre-tax profit for 2025 will be “comfortably� above expectations after a strong finish to the year from its aerospace arm. Trading this year has also started “well�.

The company said its balance sheet had been strengthened following the recent sale of its aerostructures arm, which has brought net debt (excluding leases) down below £80mn, or less than one times Ebitda.

Senior’s shares rose by 8 per cent in early trading.

Young & Co’s Brewery (YNGA) is planning to shift its listing to London’s main exchange and leave the Aim market behind.

The move came after the pub and room operator, which manages sites across London and the south east, reported encouraging festive trading. Like-for-like sales over the three weeks to 5 January were up 11.2 per cent.

The company expects to finalise its admission to the main market in the second quarter of 2026, on account of its growing size and improved performance in recent years.

Chief executive Simon Dodd said that while Aim had provided a “highly supportive� environment for Young’s during the pandemic, the move to the main market is the natural next step for the company and “open the door to a wider group of investors�.

The shares were flat in early trading, and the move remains subject to approval by the regulator.

More bad news from B&M (BME) this morning, after the discount retailer cut its full-year guidance by £30mn-£45mn, as its bloated inventory continues to weigh on profits.

In a trading update, the FTSE 250 group said it now expects adjusted earnings for FY26 to be between £440mn and £475mn, against previous guidance of £470mn to £520mn.

The downward revision was driven by “ongoing investments in pricing and clearance�, as efforts to shift its inventory continue. Meanwhile, like-for-like sales over the crucial 13-week trading period to 27 December remained broadly flat.

The company also provided an update on EY’s investigation into the accounting issue that wiped £40mn off its full-year profit guidance in October. The group said the probe has now concluded and implementation of its recommendations is under way.

New chief executive Tjeerd Jegen has struggled to stem share price losses since joining in June. While his ‘Back to Basics’ turnaround plan is in its early days, the stock continues to trade near all-time lows.