TI Fluid Systems Further Extends ABC Technologies' Takeover Bid Deadline

Dow Jones

2024-11-22

By Michael Susin

TI Fluid Systems said the deadline for ABC Technologies' $1.25 billion takeover approach was extended for a second time.

The U.K. car-fluid storage manufacturer on Friday said that ABC Technologies now has until Nov. 29 to either announce a firm intention to make an offer or walk away.

ABC Technologies--a company majority-owned by investment funds managed by Apollo Management IX--requested the extension of the deadline in order to complete financing and other arrangements, TI Fluid Systems said.

In a letter to the company's board, ABC has said that it substantially concluded its due diligence and confirmed its possible offer price of 200 pence a share, TI Fluid Systems said.

The nonbinding proposal made in October values TI Fluid Systems at 994 million pounds, and followed several rejected bids that started with an initial 165 pence a share.

Write to Michael Susin at michael.susin@wsj.com

(END) Dow Jones Newswires

November 22, 2024 03:03 ET (08:03 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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class=\"NormalMinus1\" face=\"Arial\">\n<pre>\n \n</pre>\n<p>\n  By Michael Susin \n</p>\n<pre>\n \n</pre>\n<p>\n  TI Fluid Systems said the deadline for ABC Technologies' $1.25 billion takeover approach was extended for a second time. \n</p>\n<p>\n  The U.K. car-fluid storage manufacturer on Friday said that ABC Technologies now has until Nov. 29 to either announce a firm intention to make an offer or walk away. \n</p>\n<p>\n  ABC Technologies--a company majority-owned by investment funds managed by Apollo Management IX--requested the extension of the deadline in order to complete financing and other arrangements, TI Fluid Systems said. \n</p>\n<p>\n  In a letter to the company's board, ABC has said that it substantially concluded its due diligence and confirmed its possible offer price of 200 pence a share, TI Fluid Systems said. \n</p>\n<p>\n  The nonbinding proposal made in October values TI Fluid Systems at 994 million pounds, and followed several rejected bids that started with 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announce a firm intention to make an offer or walk away. \n\n\n  ABC Technologies--a company majority-owned by investment funds managed by Apollo Management IX--requested the extension of the deadline in order to complete financing and other arrangements, TI Fluid Systems said. \n\n\n  In a letter to the company's board, ABC has said that it substantially concluded its due diligence and confirmed its possible offer price of 200 pence a share, TI Fluid Systems said. \n\n\n  The nonbinding proposal made in October values TI Fluid Systems at 994 million pounds, and followed several rejected bids that started with an initial 165 pence a share. \n\n\n \n\n\n  Write to Michael Susin at michael.susin@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  November 22, 2024 03:03 ET (08:03 GMT)\n\n\n  Copyright (c) 2024 Dow Jones & Company, 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