Bodycote Receives Competing £1.6bn Takeover Bids
Bodycote Plc disclosed that it has received two competing takeover proposals, one from CVC Advisers Ltd and another from Veritas Capital. Both offers are valued at approximately £1.6 billion, equivalent to about $2.2 billion. CVC Advisers Ltd proposed a price of 915 pence per share, which is one penny higher than the price offered by Veritas Capital. The company stated that it will recommend either of the proposals to its shareholders for consideration.
The announcement also referenced a prior takeover approach by Apollo Global Management, which has since been withdrawn from the process. Bodycote operates as an industrial heat‑treatment specialist, providing heat‑treatment and coating services for metal components used across sectors such as aerospace, enhancing resistance to wear and extreme temperatures.