16th Sep 2024 09:31
(Alliance News) - TI Fluid Systems PLC on Monday said it had rejected two "unsolicited" bid approaches from Canadian rival ABC Technologies Inc.
TI said Toronto-based ABC had made two approaches to the firm. A 165 pence per share offer for the designer and manufacturer of thermal management and fluid handling systems was fielded in August, before another of 176p earlier in September.
Shares in TI rose 14% to 166.60p in London on Monday morning valuing the firm at GBP822 million.
But TI Fluid said the offer "significantly undervalued" the FTSE 250 company and its prospects.
"The board is confident in the strategy and prospects of the company," TI said in a statement.
For its part, ABC, which makes plastics and lightweighting products for the automotive industry, said it "remains interested in a possible transaction and is therefore considering its position".
ABC, which is backed by Apollo Management IX LP, now has until October 12 to make a firm proposal to buy TI.
By Jeremy Cutler, Alliance News reporter
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