Safilo Group S.p.A., a prominent Italian eyewear manufacturer, announced on December 15, 2025, that it will not pursue a binding offer to acquire UK-based Inspecs Group PLC, paving the way for a rival £85.4 million takeover bid from Bidco 1125 Ltd. The decision, made under Rule 2.8 of the UK City Code on Takeovers and Mergers, comes after Inspecs accepted Bidco‘s 84 pence per share cash proposal more than double the firm’s closing price of 40.5p on October 22, 2025. Inspecs shares held steady at 82.00p in early London trading, reflecting market confidence in the deal.
Safilo’s Official Statement and Takeover Restrictions
Safilo explicitly stated it “does not intend to make a binding offer for Inspecs Group PLC,” responding directly to Inspecs’ December 10 disclosure of Bidco’s acquisition plans. This declaration triggers a six-month ban on any Safilo bid under UK takeover regulations, with limited exceptions: a competing third-party offer (not from Bidco), an Inspecs-initiated Rule 9 waiver or reverse takeover announcement, or a significant change in circumstances approved by the Takeover Panel. Safilo preserved its right to revisit options if these conditions arise, but emphasized no current plans exist.
Inspecs’ board unanimously endorsed Bidco’s offer, with directors holding 19% of voting shares pledging support. This development ends months of speculation around Safilo’s interest in the Bath-headquartered eyewear designer and distributor.
Timeline of Safilo’s Failed Acquisition Attempts
Safilo’s pursuit of Inspecs traces back to late October 2025, when it submitted a non-binding offer targeting two German subsidiaries: Eschenbach Group and BoDe businesses. Inspecs promptly rejected the proposal, deeming it undervalued the assets’ worth. Undeterred, Safilo followed with two non-binding cash offers for Inspecs’ entire issued and to-be-issued share capital, both of which Inspecs also turned down.
Key Milestones in the Bid Saga
- October 26, 2025: Safilo confirms initial non-binding submission for Eschenbach and BoDe.
- November 20, 2025: Inspecs rejects offers; Safilo signals ongoing evaluation of a potential full-company bid.
- December 10, 2025: Inspecs announces and recommends Bidco 1125’s 84p-per-share deal.
- December 15, 2025: Safilo withdraws under Rule 2.8.
Inspecs extended deadlines during this period to accommodate competing interest, including Safilo’s overtures. Despite the rejections, Safilo had publicly affirmed it was “continuing to assess its options” as late as November.
Bidco 1125 Deal Breakdown and Valuation
Bidco 1125 Ltd, led by entrepreneurs Luke Johnson chair of Risk Capital Partners LLP and Ian Livingstone, proposed acquiring 100% of Inspecs shares at 84 pence in cash. This implies an enterprise value of £85.4 million, a substantial premium over Inspecs’ 40.5p share price on October 22 the day before Safilo’s interest surfaced publicly. Inspecs specializes in designing, manufacturing, and supplying high-quality eyewear to global retailers and brands, positioning it as a strategic asset in the competitive eyewear sector.
The offer’s acceptance by Inspecs’ leadership underscores confidence in its execution, with no immediate financing hurdles reported. Market reaction remained muted, with shares trading at 82.00p shortly after Safilo’s announcement, just shy of the offer price.
Market Reactions and Analyst Perspectives
Direct reactions from Inspecs executives or Bidco remained limited to the board’s formal recommendation, focusing on shareholder value maximization. Financial media outlets, including Marketscreener, Investing.com, Shares Magazine, and FashionNetwork, portrayed Safilo’s exit as a clear runway for Bidco, highlighting the binding nature of the Rule 2.8 statement. Vision Monday and Morningstar noted the saga’s implications for M&A in eyewear, with Safilo’s withdrawal aligning to its broader strategic reviews despite prior exploratory bids.
Analysts observed that Safilo’s non-binding proposals lacked firm terms or execution details, contributing to their dismissal. Inspecs’ stable share price post-news suggests investor alignment with the Bidco valuation, potentially averting prolonged uncertainty. No Kremlin-style rebuttals or counter-statements emerged from Safilo beyond the formal notice.
Broader Context in Eyewear Industry M&A
This episode reflects intensifying consolidation in the global eyewear market, where firms like Safilo—known for brands like Carrera and Polaroid seek scale amid rising demand for premium frames and lenses. Inspecs’ rejection of Safilo’s overtures prioritized higher valuations, a pattern seen in recent deals. Bidco’s involvement, backed by high-profile investors like Johnson, signals private equity’s growing footprint in UK mid-cap industrials.
Safilo’s decision frees resources for alternative opportunities, following its confirmation of rejected counter-offers from Inspecs in November. For Inspecs, the path to Bidco’s completion hinges on customary conditions, including regulatory nods and no superior bids materializing.
Strategic Implications and Future Outlook
Safilo’s retreat under UK takeover protocols minimizes short-term rivalry, but the six-month lockout could constrain responses to deal shifts. Inspecs shareholders stand to gain from the doubled valuation, bolstering the firm’s position post a competitive bidding war. Industry watchers anticipate Bidco’s integration to enhance Inspecs’ supply chain and market reach, especially in Europe.
In the inverted pyramid structure, the lead prioritizes Safilo’s no-bid confirmation and Bidco’s edge, descending to timeline details, financials, and context. SEO keywords like “Safilo Inspecs bid,” “Inspecs takeover Bidco,” and “eyewear acquisition UK” weave naturally for search visibility on M&A queries.
As the deal advances toward closing, stakeholders monitor Panel approvals and market dynamics. This resolution caps a brisk acquisition chase, underscoring valuation discipline in eyewear’s evolving landscape.
