Both sides, in good faith

The strongest fair case each way — we don't pick a winner.

The case for

Supporters of the deal, including Mitie's board, would argue this is straightforward value creation for shareholders: OCS is offering a substantial premium over Mitie's prior share price, delivering certain cash returns rather than leaving investors exposed to ongoing market uncertainty. They would note that UK-listed mid-caps have long traded at a discount to international peers, so accepting a strong bid is simply prudent stewardship of shareholder capital, and that private ownership can free the combined business to invest for the long term without the pressures of quarterly public reporting.

The case against

Critics, including those concerned about the health of the London Stock Exchange, would argue that each such takeover further erodes the depth and prestige of UK public markets, making it harder to attract listings, pension fund investment and skilled talent to the City in future. They would contend that persistent undervaluation of London-listed firms reflects deeper structural problems – such as low domestic pension investment in equities and burdensome listing rules – that should be fixed rather than accepted as an excuse to sell national companies to private equity, particularly one with government contracts, where public accountability and transparency may reasonably be valued over shareholder payouts alone.