Ashtead Technology said that it is reviewing a fresh non-binding takeover proposal from US-based private equity firm Ember Infrastructure Management.
The offer would value the British subsea technology provider at approximately $661.31m (£498m). Ashtead is currently listed on the Main Market of the London Stock Exchange.
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Ember has proposed acquiring Ashtead for 615p per share in cash, representing a 12.8% premium to the company’s last closing share price of 545p.
Ashtead said its board is considering the approach in consultation with advisers and has begun providing Ember with initial due diligence information.
This latest proposal follows three prior unsolicited and non-binding indicative offers from Ember.
Ashtead stated that its board unequivocally rejected the first two approaches.
Under UK takeover regulations, Ember has until 21 October 2026 to make a firm offer or announce it does not intend to proceed.
Ashtead has advised shareholders to take no action while the proposal is under review.
The company stated that there is no certainty an offer will be made, nor on what terms a deal might proceed.
Ashtead, established in 1985, supplies subsea technology primarily to the offshore oil and gas industry.
The company offers survey, remotely operated vehicle equipment, and specialist subsea mechanical solutions used in decommissioning, inspection, maintenance and repair projects.
According to information on its website, Ashtead operates through ten international technology and service hubs and employs more than 650 people worldwide.
In addition to its core oil and gas operations, Ashtead provides packaged equipment solutions for offshore wind and marine energy sectors.
The company’s offerings include subsea cleaning, coating removal, cutting, dredging, lifting and recovery solutions, along with survey and robotics systems covering environmental, geophysical, hydrographic and metocean applications.
In June 2025, Ashtead entered into a partnership with Ocean Science Consulting to provide combined environmental monitoring, mitigation and compliance services for offshore energy projects.
Through this collaboration, companies involved in oil and gas and offshore wind developments will be able to utilise a comprehensive range of services aimed at monitoring and addressing the environmental effects of subsea activities.
