Veritas Capital Agrees to Buy Bodycote
Veritas Capital has agreed to buy British company Bodycote for 2.5 billion dollars, outbidding rival suitor CVC. The deal reflects a wider trend of foreign private equity firms targeting UK-listed companies amid low valuations.
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Veritas Capital agreed on Tuesday morning to acquire BODYCOTE PLC for £1.85 billion ($2.51 billion) including debt, outbidding rival suitor CVC. The United States private equity firm secured the deal with a sweetened 940 pence per share offer. The bid represents a 34.5% premium to Bodycote's closing price before takeover speculation emerged in May.
