Apollo decides against making takeover offer for Bodycote
Apollo Global Management Inc on Friday said it won’t make a takeover offer for Bodycote PLC, without providing a reason.
Late last month, Bodycote, a Macclesfield, England-based thermal processing engineering firm, said it had received a conditional takeover proposal from Apollo.
On Friday, the New York-based private equity investor and asset manager said it doesn’t intend to make a firm offer for Bodycote.
‘Apollo continues to hold Bodycote and its management team in high regard, is appreciative of the discussions with them and Bodycote’s board of directors, and would like to thank them for their time and consideration of the proposal,’ Apollo said.
In response, Bodycote said its board ‘has strong confidence in Bodycote’s potential and its strategy to create a high-performing, resilient business with attractive growth prospects’.
The company added that it made a positive start to 2026 trading and is executing on its ’optimise, perform and grow’ initiatives.
At its annual general meeting last week, Bodycote maintained its annual outlook.
It reported core revenue growth of 9.0% at constant currency in the first four months of the year, compared to a 5% decline in the same period a year ago.
Growth was led by Specialist Technologies, with strong growth in Aerospace & Defence and Industrial Gas Turbines. Industrial Markets revenue was flat year-on-year in the period.
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