With the continued absence of Primary, we turn to several interesting developments in the broader M&A space, including supermarket buyouts, Greek telco acquisitions and national security concerns for Ultra’s buyout.

Project Magnum

Britain's fourth largest supermarket chain received an increased offer of 285p a share in the latest bid from hopeful sponsor CD&R, significantly improving on their opening of 235p a share.

Unsurprisingly, the deal has been compared to Asda’s recent buyout and connection with EG Group, where sponsors were able to use impressive debt funding, asset disposals, and the sale-leaseback of warehouses.