Bodycote said on 22 May that it had received a conditional cash proposal from Apollo Management X, acting with Apollo Global Management, of 885p a share, valuing the heat-treatment specialist at about £1.52bn.
Deal terms and financing
Under the proposal shareholders would also have received Bodycote's proposed 16.1p final dividend for 2025 without any reduction in the price. Bodycote shares rose 19% on the day. Under the UK Takeover Code, Apollo had until 19 June to announce a firm intention to make an offer.
Regulatory approvals and timing
On 5 June Apollo said it did not intend to make a firm offer, binding it to the Rule 2.8 restrictions that bar a new approach for six months except in specified circumstances. Bodycote's shares fell as much as 12% that day.
Market context
Bodycote provides heat treatment and other thermal processing services to aerospace, defence, automotive and energy customers. It returned to an offer period in August when CVC and Veritas Capital made rival proposals, and on 1 September agreed a recommended 940p-a-share cash offer from Veritas, valuing it at about £1.64bn; CVC said on 28 September that it would not bid.
