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Bodycote confirms takeover talks with Apollo, shares surge
(Sharecast News) - Bodycote surged on Friday as it confirmed it has received a conditional takeover proposal from private equity firm Apollo Management. The offer comprises 885p per share in cash and the proposed final dividend of 16.1p per share for the 2025 financial year.
Bodycote, which provides thermal processing services, said the latest proposal follows a number of previous approaches from Apollo about a possible offer.
"The board of Bodycote and Apollo are in discussions regarding the proposal," the company said in a brief statement. It added that there can be no certainty that any offer will be made, nor as to the final terms on which any offer might be made.
Under UK takeover rules, Apollo has until 1700 BST on 19 June to either announce a firm offer or walk away.
At 1418 BST, the shares were up 16.8% at 815.50p.
See latest RNS on Investegate
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