By Anthony O. Goriainoff
TI Fluid Systems said it has rejected a revised takeover proposal from ABC Technologies valued at 876.8 million pounds ($1.15 billion), saying it significantly undervalued the company and its prospects.
The U.K. car-fluid storage manufacturer said Monday that it received a second unsolicited all-cash proposal on Sept. 4 from ABC at a price of 176 pence a share, representing a 21% premium to Friday's closing price of 145.8 pence a share. The board said this was rejected early last week.
ABC--a company majority-owned by investment funds managed by Apollo Management IX--said it remained interested in a possible transaction and was considering its position. It had previously offered 165 pence a share per every TI Fluid systems share.
TI Fluid Systems' board said it was confident in the company's strategy and prospects, and urged shareholders to take no action at this time.
"A further announcement will be made if and when appropriate," it said.
Under U.K. takeover panel rules ABC Technologies has until 1500 GMT on October 12 to either buy the shares or walk away.
Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com
(END) Dow Jones Newswires
September 16, 2024 02:35 ET (06:35 GMT)
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