Shares in Bodycote fall after the company says US private equity firm Apollo has withdrawn its interest in a proposed takeover. Bodycote, a Macclesfield-based firm, previously said it received a conditional all-cash takeover approach from Apollo valued at 885 pence per share, reported at the end of last month. Following this announcement, outlets report the bid interest is no longer being pursued. The company’s update indicates the approach was subject to conditions, and Apollo’s decision to stop considering the offer changes the status of the potential transaction. While details of any conditions or timing of the withdrawal are not provided in the available excerpts, the reports are consistent that the earlier proposal involved an all-cash offer and specific per-share consideration. The share price reaction reflects investor response to the end of Apollo’s interest, and the reports leave open whether Bodycote will pursue other discussions or receive new proposals.
Bodycote shares fall after Apollo withdraws interest in £1.5bn bid
Shares in Bodycote fall after the company says US private equity firm Apollo has withdrawn its interest in a proposed takeover. Bodycote, a Macclesfield-based firm, previously said it received a condi...
- Bodycote, a Macclesfield-based company, receives an Apollo takeover approach valued at 885p per share.
- The approach is described as conditional and all-cash.
- Apollo withdraws interest in the proposed takeover.
- Bodycote shares fall following the announcement of Apollo’s withdrawal.
- The earlier approach is widely reported as being around £1.5bn in total value.
Macclesfield-based Bodycote said late last month it had received a conditional all-cash takeover approach from Apollo worth 885p a share.
2 months agoMacclesfield-based Bodycote said late last month it had received a conditional all-cash takeover approach from Apollo worth 885p a share.
2 months ago
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