Investing.com — Bodycote PLC (LON:) shares fell 9.4% on Friday after Apollo Global Management withdrew its £1.5 billion takeover proposal for the London-listed heat treatment services company.
Apollo Management X, L.P., acting on behalf of certain managed investment funds, announced it does not intend to make a firm offer for Bodycote and is now bound by the restrictions under Rule 2.8 of the City Code on Takeovers and Mergers.
The decision ends the offer period for Bodycote.
In response to Apollo’s withdrawal, Bodycote’s board stated it has strong confidence in the company’s potential and strategy to create a high-performing business with attractive growth prospects.
The company said it continues to execute on its Optimise, Perform and Grow initiatives, citing a positive start to 2026 trading as outlined in its AGM trading update from May 27.
Barclays Bank, Goldman Sachs International, and Jefferies served as financial advisers to Bodycote during the process.
The collapse of the potential deal leaves Bodycote to pursue its standalone strategy in the heat treatment services sector. Apollo is now restricted from making another offer for Bodycote for a specified period under UK takeover rules.