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Highlights:
- Recommended Bid: TI Fluid Systems' board is inclined to recommend ABC Technologies' 200p per share offer after rejecting four lower bids.
- Extended Deadline: ABC has been granted an extension to finalize the takeover bid, with the new deadline set for 8 November.
- Market Surge: TI Fluid Systems shares jumped 21% following news of the potential takeover, reflecting positive investor sentiment.
TI Fluid Systems PLC (LSE:TIFS), a prominent UK car parts maker, saw its shares surge by 19% following the announcement that its board would likely recommend a takeover bid from Canadian rival ABC Technologies, priced at 200p per share. The offer follows a series of lower bids from ABC, all of which were previously rejected by TI’s board.
Board Signals Approval of Higher Offer
After turning down four earlier offers from ABC Technologies, which is owned by private equity giant Apollo, TI Fluid Systems is now inclined to accept the latest bid of 200p per share. Previous bids ranged from 165p to 195p, with the latest being the first offer that the board indicated it would recommend to shareholders if a formal offer is presented. This final offer represents a 53% premium over TI’s closing price of 130.4p before the first bid and a 37% increase from when TI initially rejected the earlier offers.
Extension Granted for Due Diligence
To facilitate the takeover process, TI Fluid Systems has granted an extension to the ‘put up or shut up’ deadline, giving ABC Technologies until 8 November to conduct due diligence and finalize a firm offer. This extension suggests that the board is serious about the potential acquisition, pending the completion of necessary evaluations.
Strong Market Response to Potential Takeover
The market responded positively to the announcement, with TI Fluid Systems’ share price climbing 21% to over 182p in early trading. Investors appear optimistic about the potential deal, with the offer price significantly higher than the company’s previous trading levels.
