TI Fluid Systems Agrees to $1.32 Bln ABC Technologies Takeover

Dow Jones

2024-11-29

By Najat Kantouar

TI Fluid Systems agreed to a 1.04 billion pounds ($1.32 billion) cash takeover by Apollo-backed ABC Technologies, as flagged last month.

The U.K. car-fluid storage manufacturer said Friday that ABC Technologies--which is majority-owned by investment funds managed by Apollo Management IX--is offering 200.0 pence in cash for each share held. The offer implies an enterprise value of 1.83 billion pounds.

The company said on Oct. 14 that ABC Technologies had put forward a revised proposal, which was a 31% premium to the company's closing price of 152.20 pence a share on Oct. 11. It said at the time that it would be prepared to recommend an offer at that price if a formal proposal was made.

The latest offer revised several bids that started at 165 pence a share.

Write to Najat Kantouar at najat.kantouar@wsj.com

(END) Dow Jones Newswires

November 29, 2024 02:49 ET (07:49 GMT)

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

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It said at the time that it would be prepared to recommend an offer at that price if a formal proposal was made. \n</p>\n<p>\n  The latest offer revised several bids that started at 165 pence a share. \n</p>\n<pre>\n \n</pre>\n<p>\n  Write to Najat Kantouar at najat.kantouar@wsj.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  November 29, 2024 02:49 ET (07:49 GMT)\n</p>\n<p>\n  Copyright (c) 2024 Dow Jones & Company, Inc.\n</p>\n</font>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK1521","symbol_name":"挪威政府全球养老基金持仓","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2487811815","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2487811815","pubTimestamp":1732866540,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"TI Fluid Systems agreed to a 1.04 billion pounds  cash takeover by Apollo-backed ABC Technologies, as flagged last month.The U.K. car-fluid storage manufacturer said Friday that ABC Technologies--which is majority-owned by investment funds managed by Apollo Management IX--is offering 200.0 pence in cash for each share held. 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The offer implies an enterprise value of 1.83 billion pounds. \n\n\n  The company said on Oct. 14 that ABC Technologies had put forward a revised proposal, which was a 31% premium to the company's closing price of 152.20 pence a share on Oct. 11. It said at the time that it would be prepared to recommend an offer at that price if a formal proposal was made. \n\n\n  The latest offer revised several bids that started at 165 pence a share. \n\n\n \n\n\n  Write to Najat Kantouar at najat.kantouar@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  November 29, 2024 02:49 ET (07:49 GMT)\n\n\n  Copyright (c) 2024 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"corporation","news_rank":0,"symbols":[],"gpt_button":1}}}