TI Fluid Systems Receives Revised $1.3 Bln Takeover Approach From ABC Technologies

Dow Jones

Oct 14, 2024

By Adam Whittaker

TI Fluid Systems shares rose 19% after it said it received a revised all-cash proposal from ABC Technologies valued at 994 million pounds ($1.30 billion), and that it would recommend the deal to shareholders if a firm offer is made.

The U.K. car-fluid storage manufacturer said Monday that it received the fifth all-cash proposal from ABC Technologies at a price of 200 pence per share, representing a 31% premium to Friday's closing price of 152.20 pence a share.

ABC Technologies--a company majority-owned by investment funds managed by Apollo Management IX--has made several rejected offers to acquire TI Fluid Systems and has increased its offer through several revised bids from an initial 165 pence a share.

The revised bid is the minimum acceptable offer price but ultimately undervalues TI Fluid Systems given its favourable margin, growth and free-cash-flow outlook relative to its peers, Jefferies analysts wrote in a research note.

Under U.K. takeover law, ABC has until 1700 GMT on Nov. 8 to announce a firm intention to make an offer after the deadline was extended by mutual agreement.

TI Fluid Systems shares trade at 181.8 pence a share.

Write to Adam Whittaker at adam.whittaker@wsj.com

(END) Dow Jones Newswires

October 14, 2024 04:29 ET (08:29 GMT)

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