Bodycote Shares Fall as US Suitor Apollo Ditches £1.5bn Bid Interest

Bodycote shares fall as suitor ditches bid interest

Shares in UK heat treatment specialist Bodycote have slumped after US investment firm Apollo Global Management walked away from a £1.5 billion proposed takeover.

Bodycote shares fall as US suitor Apollo ditches £1.5bn bid interest

Macclesfield-based Bodycote said late last month it had received a conditional all-cash takeover approach from Apollo worth 885p a share.

Apollo ‘does not intend to make firm offer’ for Bodycote – Northern Financial Review

Bodycote, the Macclesfield-based heat treatment and thermal processing giant, said on Friday that private equity giant Apollo Management “does not intend to make a firm offer for Bodycote.” Bodycote shares fell about 11% to around £7.35 to give the Macclesfield firm a stock market value of roughly £1.3 billion. On May 22, Bodycote said it had received a conditional proposal from Apollo Management regarding a possible £1.5 billion cash offer for …

Apollo Halts Bodycote Takeover Bid

Apollo Global Management and British thermal processing services group Bodycote have ceased discussions regarding a proposed £1.52 billion ($2 billion) takeover, the companies announced on Friday. The news sent shares of London-listed Bodycote plummeting by as much as 12%, marking the largest decline on the FTSE 250 index for the day. This development follows a conditional all-cash bid submitted by the U.S.-based alternative asset manager two we…

Bodycote no longer in offer period after Apollo decision

Bodycote plc (LON:BOY) has noted the statement by Apollo Management X, L.P., on behalf of certain of its managed investment funds, that it does not intend to make a firm offer for Bodycote and that it is consequently bound by the restrictions under Rule 2.8 of the City Code on Takeovers and Mergers. The Board of Bodycote has strong confidence in Bodycote’s potential and its strategy to create a high-performing, resilient business with attractive…