Bodycote Shares Fall After Apollo Pulls Back on Making Firm $2 Billion Takeover Offer

Dow Jones06-05

By Nina Kienle

Shares in Bodycote fell on Friday after Apollo Global Management said it doesn't intend to make a firm takeover offer, ending discussions over a 1.52 billion-pound ($2.04 billion) proposal.

In European morning trade, shares fell 9.4% to 746 pence, but are up 6.6% over the year to date.

The U.K. metal treatment company said it continues to have confidence in its strategy to create a resilient business with attractive growth. Bodycote is making progress on performance and growth improvements, and had a positive start to 2026, the FTSE 250 company said.

"Apollo continues to hold Bodycote and its management team in high regard," the New York firm said. It didn't give a reason for ending the talks.

Bodycote received the proposal for 885 pence in cash for each share on May 22 from the U.S. private-credit group. Under the proposal, shareholders would have been able to keep the proposed final dividend of 16.1 pence per share for 2025.

Shares had surged on the offer that stood at an almost 27% premium, to their highest price since January 2022.

Write to Nina Kienle at nina.kienle@wsj.com

(END) Dow Jones Newswires

June 05, 2026 04:07 ET (08:07 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.

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Bodycote is making progress on performance and growth improvements, and had a positive start to 2026, the FTSE 250 company said. \n</p>\n<p>\n  \"Apollo continues to hold Bodycote and its management team in high regard,\" the New York firm said. It didn't give a reason for ending the talks. \n</p>\n<p>\n  Bodycote received the proposal for 885 pence in cash for each share on May 22 from the U.S. private-credit group. 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