(Bloomberg) -- ABC Technologies Holdings Inc. has increased its offer to buy UK automotive components supplier TI Fluid Systems Plc ahead of a looming takeover deadline, according to people familiar with the matter.

ABC, which is backed by the alternative investment firm Apollo Global Management Inc., made the fresh offer recently, the people said, asking not to be identified because discussions are private. 

The offer is higher than the 176 pence (230 cents) per share proposal that was rejected by TI Fluid’s board last month, but the improved price couldn’t be immediately learned. It remains to be seen whether it will be enough to win the backing of TI Fluid or have it extend the deadline for negotiations. 

TI Fluid makes thermal and fluid systems solutions for vehicles and has a presence in 26 countries. Private equity firm Bain Capital LP is the largest shareholder and has been selling down its stake on the market, including at 135 pence a share in March. 

A representative for TI Fluid declined to comment, while a spokesperson for ABC couldn’t be immediately reached for comment.

In accordance with UK takeover rules, ABC has until 5 p.m. London time on Oct. 12 to either make a new offer of walk away from a potential deal. 

Shares in TI Fluid closed broadly flat in London on Friday at 152.2 pence, giving the Oxford, UK-based company a market value of about £756 million. The stock has risen 24% over the last 12 months.

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