Kalkine Media ASX Share Market News & Research
Watchlist Sign Up/Login
Kalkine Media ASX Share Market News & Research

TI Fluid Systems Considers Takeover Bid from ABC Technologies Following Series of Rejected Offers

2 min read | October 14, 2024 12:13 PM BST | By Team Kalkine Media
Google News: https://kalkinemedia.com/resources/assets/public/images/google-news.webp
TI Fluid Systems Considers Takeover Bid from ABC Technologies Following Series of Rejected Offers
Image source: Shutterstock

Recent News

thumbnail

Markets in Focus: What’s Driving the FTSE 100 Today?

thumbnail

Forgent Expands Peak Hills Exploration with Fresh Drilling Activity

thumbnail

Marks Electrical Strengthens Strategy for Sustainable Growth

thumbnail

UK Dividend Calendar: Important Shareholder Events This Week

Make Kalkine Media
My Trusted Source

Google Source

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.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Limited, Company No. 12643132 (Kalkine Media, we or us) and is available for personal and non-commercial use only. Kalkine Media is an appointed representative of Kalkine Limited, who is authorized and regulated by the FCA (FRN: 579414). The non-personalised advice given by Kalkine Media through its Content does not in any way endorse or recommend individuals, investment products or services suitable for your personal financial situation. You should discuss your portfolios and the risk tolerance level appropriate for your personal financial situation, with a qualified financial planner and/or adviser. No liability is accepted by Kalkine Media or Kalkine Limited and/or any of its employees/officers, for any investment loss, or any other loss or detriment experienced by you for any investment decision, whether consequent to, or in any way related to this Content, the provision of which is a regulated activity. Kalkine Media does not intend to exclude any liability which is not permitted to be excluded under applicable law or regulation. Some of the Content on this website may be sponsored/non-sponsored, as applicable. However, on the date of publication of any such Content, none of the employees and/or associates of Kalkine Media hold positions in any of the stocks covered by Kalkine Media through its Content. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music/video that may be used in the Content are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music or video used in the Content unless stated otherwise. The images/music/video that may be used in the Content are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated or was found to be necessary.

UK_Premium_Article

Sponsored Articles

1

Top 10 FTSE Listed Dividend Paying Stocks

2

KryptoByte and Archax Partner on Custody Framework for Energy-Derived...

3

Union Jack Oil (AIM:UJO) Unlocks Value with New Discoveries and Operat...

4

Union Jack Oil (LON:UJO) reports strong financials for 1H with £2MM ma...

5

A view of how UK’s lottery industry is embracing internet

Investing Ideas

Previous Next