TI Fluid Systems Extends ABC Technologies' Takeover Bid Deadline

Dow Jones11-08

By Michael Susin

TI Fluid Systems said it extended the deadline for ABC Technologies to make a firm offer after the all-cash deal proposal of 200 pence a share.

The U.K. car-fluid storage manufacturer on Friday said that ABC Technologies now has until Nov. 22 to either announce a firm intention to make an offer or walk away.

The extended period was requested by ABC Technologies--a company majority-owned by investment funds managed by Apollo Management IX--to complete its remaining confirmatory due diligence and financing, it said.

On Oct. 14, TI Fluid Systems received a revised cash proposal from ABC Technologies at a price of 200 pence a share, representing a 31% premium to the previous closing price on Oct. 11 of 152.20 pence a share, and said that it would recommend the deal to shareholders if a firm offer is made.

The nonbinding proposal valued the company at 994 million pounds ($1.29 billion), and followed several rejected bids from an initial 165 pence a share.

The company said there can be no certainty that a firm offer will ultimately be made.

Write to Michael Susin at michael.susin@wsj.com

(END) Dow Jones Newswires

November 08, 2024 02:50 ET (07:50 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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TI Fluid Systems said it extended the deadline for ABC Technologies to make a firm offer after the all-cash deal proposal of 200 pence a share. \n\n\n  The U.K. car-fluid storage manufacturer on Friday said that ABC Technologies now has until Nov. 22 to either announce a firm intention to make an offer or walk away. \n\n\n  The extended period was requested by ABC Technologies--a company majority-owned by investment funds managed by Apollo Management IX--to complete its remaining confirmatory due diligence and financing, it said. \n\n\n  On Oct. 14, TI Fluid Systems received a revised cash proposal from ABC Technologies at a price of 200 pence a share, representing a 31% premium to the previous closing price on Oct. 11 of 152.20 pence a share, and said that it would recommend the deal to shareholders if a firm offer is made. \n\n\n  The nonbinding proposal valued the company at 994 million pounds ($1.29 billion), and followed several rejected bids from an initial 165 pence a share. 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