The Gooch & Housego takeover dominated AIM trading on Wednesday, with Arlington Capital Partners agreeing a 1,230p-per-share all-cash bid that the Somerset-based photonics company’s board unanimously recommends.
Gooch & Housego Takeover Premium and Deal Terms
The offer, made through Greenlight Bidco Limited, an indirect subsidiary of Arlington Capital Partners VII, L.P., values the equity at £345.6m and implies an enterprise value of £400.5m, equivalent to approximately 25.9 times G&H’s adjusted operating profit for the twelve months ended 31 March 2026.
The 1,230p price represents a premium of 40.7% to the closing share price on 15 July 2026, according to the Investegate RNS announcement. Shareholders will also retain the 4.9p interim dividend already declared.
The G&H board had previously rebuffed a series of unsolicited approaches from Arlington before granting due diligence access following the 1,230p proposal. The deal requires UK and US regulatory approvals and is expected to complete in Q4 2026.
Arlington has raised more than $14bn of committed capital and completed over 200 transactions across 27 years, concentrating on aerospace and defence, government services, healthcare and software. Managing partner Peter Manos said G&H’s technologies were increasingly critical to next-generation optical and sensing applications.
GHH shares closed up 38.2% at 1,207.5p.
Ramsdens Secures Improved FirstCash Offer
Pawnbroker Ramsdens (LON: RFX) also attracted a raised bid. Nasdaq-listed FirstCash, which entered the UK market after acquiring rival pawnbroker H&T, lifted its offer from 600p to 675p per share in cash, plus 9p per share in retained dividends.
The revised terms value Ramsdens at up to £232m on a fully diluted basis and represent a 49% premium to the closing price on 22 June 2026, the day before the original bid was announced. FirstCash has declared the 675p proposal its final offer under Takeover Panel rules.
The original 600p-per-share offer, made through Chess Bidco Limited, a wholly-owned indirect subsidiary of FirstCash, was set out in a Form 8-K filed with the SEC on 23 June 2026. At the time of the initial £206m bid, FirstCash operated more than 3,300 pawnbroking outlets across the US, Latin America and the UK and carried a Nasdaq market capitalisation above $10bn. Ramsdens operates 174 stores across England, Scotland and Wales.
Ramsdens said June was a record month for pawnbroking and the World Cup provided a boost to foreign currency volumes, though the weight of gold purchased had eased slightly in recent weeks. Pre-tax profit guidance was raised to between £32m and £35m. RFX shares gained 12.7% to 665p.
Other Movers
Shoe Zone (LON: SHOE) reported better-than-expected trading in May and June, helped by warmer weather. The 2025-26 loss is now forecast at below £1m, with a return to profit possible next year and net cash potentially reaching £13.1m. Shares rebounded 15% to 57.5p.
Cavendish upgraded its forecasts for concrete levelling equipment supplier Somero Enterprises (LON: SOM) after signs of improvement in the US construction market. Revenue estimates were raised 5% to $90.6m, with operating profit 17% higher at $15.9m. The 2026 earnings-per-share forecast rose from 18.6p to 22.3p, partly reflecting share buybacks. The stock recovered 15.5% to 210p.
Building services provider Northern Bear (LON: NTBR) posted a 10% rise in full-year revenues to £86.1m. The company proposed a special dividend of 5p per share on top of the 2.5p final dividend, with net cash of £6.2m at the end of March 2026. Shares rose 7.32% to 110p.
Among fallers, fund manager Premier Miton (LON: PMI) disclosed a 4% drop in quarterly assets under management to £8.6bn at the end of June 2026, worse than expected, as outflows outpaced positive investment returns. Annual costs are being cut by £2.5m and full-year earnings guidance was trimmed from 3.2p to 3p per share, with the dividend likely halved to 3p. Shares fell 6.49% to 36p.
Defence equipment supplier MS International (LON: MSI) reported full-year revenues 2% lower at £115m, with pre-tax profit falling from £20.1m to £15.1m. The company is in negotiations to sell its Petrol Station Superstructures and Branding division, and its Forgings unit has received approaches. The board raised the dividend from 23p to 26p per share. Shares dropped 4.48% to £13.85.
The Gooch & Housego takeover now moves to a shareholder vote, with the Q4 2026 completion window the next concrete milestone to watch.
