Bodycote confirms takeover approach from Apollo Management X

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Bodycote PLC on Friday said it received a conditional proposal from Apollo Management X LP.

The Macclesfield, England-based thermal processing firm said the approach was from the company alongside Apollo Global Management Inc and its subsidiaries.

Under the proposal, shareholders would receive an offer price of 885 pence per share in cash and would be entitled to receive the proposed dividend of 16.1 pence per share for 2025 without any reduction in the offer price.

Bodycote shares jumped 19% to 829.50 pence each on Friday afternoon in London.

Bodycote said its board and Apollo are in discussions regarding the proposal, and that there can be no certainty that any offer will be made.

Apollo has until June 19 to announce a firm intention to make an offer for Bodycote, or to announce that it does not intend to make an offer.

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