Apollo Withdraws $2 Billion Takeover Pursuit of UK’s Bodycote, Ending Talks
Overview of Apollo's Withdrawal from Bodycote Takeover
Background of the Takeover Bid
June 5 (Reuters) - U.S.-based Apollo Global Management does not intend to make a firm offer for British thermal processing services company Bodycote, the groups said on Friday, ending talks over a £1.52 billion ($2.04 billion) proposal.
Details of the Proposal
The alternative asset manager had submitted a conditional all-cash bid to Bodycote last month following several previous approaches, sending its shares surging as the 885 pence per share offer stood at a nearly 27% premium.
Implications and Future Restrictions
Reason for Withdrawal and Regulatory Impact
Apollo, which gave no reason for its decision, will now be restricted from making another approach for six months under British takeover rules, apart from under some specific conditions.
Statement from Apollo
"Apollo continues to hold Bodycote and its management team in high regard, is appreciative of the discussions with them and Bodycote's board of directors," the group said in a statement.
Additional Information
Exchange Rate Reference
($1 = 0.7450 pounds)
Reporting Credits
(Reporting by Neeshita Beura in Bengaluru; Editing by Harikrishnan Nair and Mrigank Dhaniwala)
