Oxford’s TI Fluid Systems rejects £870m takeover bid from Canadian firm
Oxford manufacturer TI Fluid Systems has turned down two offers from ABC Technologies, both of which the board believes have “significantly undervalued” the business.
ABC, a Canadian distributor of automotive components, had upped its preliminary bid to £870 million.
This represents a price of 176 pence per share in TI Fluid Systems – a 20.7 per cent premium on the company’s closing share price of 145.8 pence on Friday 13 September.
ABC “remains interested in a possible transaction”. It’s now required by 12 October either to announce a firm intention to make an offer or abandon its takeover plans.
Should it come to pass, the deal would be backed by American private equity giant Apollo Global Management, which also recently acquired parcel delivery business Evri for £2.7 billion.
