Bodycote stock surges on two well-received takeover proposals
Bodycote PLC on Wednesday afternoon said it has received two separate acquisition proposals, both of which its board is prepared to "unanimously" recommend to shareholders.
In response, Bodycote shares shot up to close 23% higher at 923.00 pence each in London.
The Macclesfield, England-based provider of heat treatment and specialist metallurgical technology services said it was responding to recent media speculation regarding a possible offer.
Firstly, Bodycote said it has received a conditional proposal from CVC Advisers Ltd, under which shareholders would receive up to 915p per share. This would consist of 907.8p in cash and Bodycote's 7.2p per share interim dividend for 2026.
Bodycote noted that this proposal followed earlier approaches from CVC.
In addition, Bodycote has received a separate proposal from Veritas Capital Fund IX LP, which also follows "a number of earlier approaches". This one offers up to 914p per Bodycote share, through 906.8p in cash plus the interim dividend.
Bodycote said it and its advisers have "carefully considered" the proposals. In both cases, it has concluded that each proposal is at a value that its board "would be minded to recommend unanimously" to shareholders, should CVC or Veritas express the intention to make a firm offer.
Bodycote has provided both CVC and Veritas with access to confirmatory due diligence, it added.
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