Shares in Bodycote (LON: BOY) rocketed 23.1% on Wednesday, closing around 923p, after the FTSE 250 heat-treatment and thermal processing specialist confirmed it has received two separate conditional takeover proposals from rival private equity suitors.
In a statement released under Rule 2.4 of the UK Takeover Code, Bodycote’s board disclosed it is now in advanced discussions with both CVC Capital Partners and Veritas Capital over competing all-cash offers for the entire company.
CVC’s proposal values Bodycote shareholders at up to 915p per share, comprising 907.8p in cash plus a 7.2p interim dividend. Veritas has tabled a near-identical offer worth up to 914p per share, made up of 906.8p in cash and the same 7.2p dividend entitlement. The board said it would be “minded to recommend unanimously” either proposal to shareholders if a firm offer is confirmed on those terms, and has granted both bidders access to confirmatory due diligence.
The announcement marks the second major takeover saga for the Macclesfield-based group this year. In May, US buyout giant Apollo Global Management tabled an 885p-a-share proposal that sent shares surging, only to walk away in June without making a firm bid, prompting a sharp share price fall.
Under Takeover Code rules, CVC and Veritas must each announce a firm intention to bid, or walk away, by 5pm on 2 September 2026, unless the deadline is extended with Panel consent. Bodycote is now formally in an “offer period,” with the board saying it is working with both parties “on an expedited basis” to secure a binding deal that maximises value for shareholders.
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