CVC Abandons Bodycote Bid, Clearing Path for Veritas' $2.5B Takeover
APO sits 22% above its 52-week low of $99.56.
Summary
CVC Advisers has formally dropped its pursuit of Bodycote, removing the last obstacle to Veritas Capital's £1.85 billion ($2.45 billion) takeover. This follows Veritas winning Bodycote's backing earlier this month with a sweetened 940 pence per share bid. Apollo had previously retreated from its own £1.52 billion approach for Bodycote, so this development closes the competitive bidding process. The news is relevant to Apollo as it confirms the firm is no longer in contention for Bodycote, though the direct financial impact on Apollo is limited. The deal underscores continued private equity interest in undervalued UK-listed companies.
At the time of this announcement, APO was trading at $121.69 on NYSE in the Finance sector, with a market capitalization of approximately $71.9B. The 52-week trading range was $99.56 to $153.29. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Reuters.