1st Sep 2026 11:37
(Alliance News) - Bodycote PLC on Tuesday accepted a GBP1.65 billion offer from Veritas Capital Fund Management LLC, while a potential rival suitor said it is "considering its position".
The Macclesfield, England-based provider of heat treatment and specialist metallurgical technology services said the proposal from New York-based private equity firm Veritas values each share at 940 pence.
This includes 932.8p in cash and the already declared interim dividend of 7.2p per share.
The approach values Bodycote at GBP1.65 billion on a fully diluted basis, and an enterprise value of GBP1.85 billion.
Bodycote said it believes the Veritas offer represents an "attractive opportunity" for shareholders to realise an "immediate and certain cash value" for their investment, relative to the macro-economic and end market risks inherent in executing Bodycote's strategy over the medium to longer term.
Shares in Bodycote traded 4.2% higher at 951.00p each on Tuesday morning, above the Veritas offer price.
In August, Bodycote disclosed it had received two bid proposals, one from Veritas worth 914p per share, and one from London-based private equity and investment company, CVC Advisers Ltd, worth up to 915p per share.
Responding to the bid from Veritas, CVC said it is "considering its position" and urged Bodycote shareholders to "take no action" in the meantime.
By Jeremy Cutler, Alliance News reporter
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