Investment firm CVC withdrew its proposal to acquire UK-based Bodycote, leaving Veritas Capital as the sole acquisition bidder. The total consideration is approximately £1.85 billion, or approximately $2.45 billion including debt.
Investment firm CVC announced that it had abandoned plans to make an acquisition proposal for Bodycote and was considering its next steps after Veritas Capital raised its offer. As a result, Veritas Capital became the sole remaining acquisition bidder.
Bodycote is a UK company that provides heat treatment and metal processing for the aerospace, defense, automotive and energy sectors. Some observers say that interest from overseas acquirers is behind the company’s valuation. The final acquisition price is reported to be approximately £1.85 billion in total, or approximately $2.45 billion including debt.
In August, CVC and Veritas Capital competed with offers of nearly the same amount. Apollo had previously made a £1.52 billion proposal for the company but abandoned its acquisition plan. In early September, Veritas Capital raised its offer to 940 pence per share, which Bodycote supported.