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)
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