Apollo Proposes 2.04 Billion Dollar Bodycote Buyout
Apollo offered 885 pence per share for Bodycote in a deal valuing the firm at 1.52 billion pounds. Shares rose 16 percent following the all-cash proposal.
APOLLO GLOBAL MANAGEMENT INC offered to acquire Bodycote for £1.52 billion ($2.04 billion) in an all-cash deal. The proposal values the United Kingdom thermal processing provider at 885 pence per share. Bodycote shareholders will also receive a final dividend of 16.1 pence per share for the 2025 financial year.
The offer represents a 27% premium to Bodycote's closing price on Thursday. Apollo, a U.S.-based alternative asset manager, has made the proposal conditional and has not yet finalized a binding bid. Shares in Bodycote rose nearly 16% to 810 pence on Friday midday following the announcement.
