There has been some interest here in takeovers, which have proliferated since the start of 2022 and its accompanying bear market. And some participants have been keen to identify the characteristics of potential future bid targets. Meanwhile, I have been quite fortunate in finding my investment strategy dovetailing quite profitably with the needs of acquirers, so I thought it worthwhile to carry out an analysis of those companies amongst my investments which have attracted bids. 

Above all, it should be noted that mine is not a concentrated portfolio. It more closely resembles what an investment manager might like to call a "Global Excellence" fund of over 150 names, containing, as it does, a very high proportion of companies with powerful moats based on their dominance in a defensible niche. With very few exceptions, these companies exhibit outstanding operating numbers at levels familiar to owners of Terry Smith's  Fundsmith and Smithson funds. And I am gratified that, for all that there is a crossover, in particular with the small and mid-cap fund, I have been preceding Smithson's managers into a number of names of late. Such is the advantage of the small investor.

With 150+ names, it's no surprise that there has been M&A in the portfolio. And I own a large number of acquirers as well as the hunted, from Microsoft and Alphabet down to "buy and builds" like Halma and Idex, a recent Smithson investment. But this thread is all about the acquired. So here, in reverse chronological order, are my takeover "winners" since the start of 2022, including a small number where my patience ran out before I could reap the reward.

Adevinta - European classified online ads, equivalent to Auto Trader- Sep 23

Splunk - US observability and cybersecurity platform - Sep 23

Renewi - Benelux recycling - Sep 23

Ergomed - UK contract research organisation - Sep 23

Abcam - UK diagnostic tools - Aug 23 - sold for lack of patience before offer received

Instem - UK pharma research software - Aug 23 - sold for lack of patience before offer received

Dechra Pharma - UK animal pharma - Jul 23

Network International - UK fintech for MENA - June 23

Momentive Global - US "Survey Monkey" software provider - Mar 23

K3 Capital - UK corporate finance platform - Feb 23

Aveva - UK industrial automation software - Dec 22

Chr Hansen…

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