Veritas Wins Bodycote With $2.5B Bid, Outbidding CVC After Apollo Walked
APO sits 37% above its 52-week low of $99.56.
Summary
Veritas Capital agreed to buy UK thermal processing firm Bodycote for £1.85B ($2.51B) including debt, outbidding CVC. Apollo had previously walked away from its own £1.52B proposal for Bodycote, so this removes Apollo from that deal. Bodycote shares surged past the offer price, indicating market approval. This follows Apollo's recent easyJet acquisition and other UK deals, highlighting the trend of US private equity targeting UK-listed companies.
At the time of this announcement, APO was trading at $136.60 on NYSE in the Finance sector, with a market capitalization of approximately $80.7B. 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 9 out of 10. Source: Reuters.