TI Fluid Systems Further Extends ABC Technologies' Takeover Bid Deadline

Dow Jones11-22

By Michael Susin

TI Fluid Systems said the deadline for ABC Technologies' $1.25 billion takeover approach was extended for a second time.

The U.K. car-fluid storage manufacturer on Friday said that ABC Technologies now has until Nov. 29 to either announce a firm intention to make an offer or walk away.

ABC Technologies--a company majority-owned by investment funds managed by Apollo Management IX--requested the extension of the deadline in order to complete financing and other arrangements, TI Fluid Systems said.

In a letter to the company's board, ABC has said that it substantially concluded its due diligence and confirmed its possible offer price of 200 pence a share, TI Fluid Systems said.

The nonbinding proposal made in October values TI Fluid Systems at 994 million pounds, and followed several rejected bids that started with an initial 165 pence a share.

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

(END) Dow Jones Newswires

November 22, 2024 03:03 ET (08:03 GMT)

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

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