CVC Advisers bows out of Bodycote bid race clearing path for Veritas

CVC Advisers Ltd on Monday said it does not intend to make an offer for thermal processing firm Bodycote PLC.

The decision by London-based private equity and investment company, CVC Advisers, leaves the way clear for a rival bid from New York-based private equity firm Veritas Capital Fund Management LLC to proceed.

In August, Macclesfield, England-based Bodycote disclosed it had received two bid proposals, one from Veritas worth 914 pence per share, and one from CVC Advisers worth up to 915p per share.

Then, at the beginning of September, Bodycote said it had accepted an improved offer from Veritas worth 940p per share, valuing the business at £1.65 billion. The offer includes 932.8p in cash and an already declared interim dividend of 7.2p per share.

On Monday, CVC Advisers said it does not intend to make an offer to acquire Bodycote.

"CVC is grateful for the constructive engagement shown by the Bodycote board and management team, and thanks them for the time they have devoted to considering this potential transaction," it said in a statement.

Shares in Bodycote were down 3.1% at 917.00p each in London on Monday morning.

Copyright 2026 Alliance News Ltd. All Rights Reserved.