Deals
ABC Technologies Raises TI Fluid Offer Ahead of Deadline
- TI Fluid says it plans to recommend offer to shareholders
- Deadline for ABC to make firm offer extended to Nov. 8
TI Fluid makes thermal and fluid systems solutions for vehicles and has a presence in 26 countries.
Photographer: Krisztian Bocsi/BloombergThis article is for subscribers only.
ABC Technologies Holdings Inc. has proposed buying TI Fluid Systems Plc for 200 pence ($2.62) per share, making its fifth bid to acquire the UK automotive components supplier.
ABC, which is backed by the alternative investment firm Apollo Global Management Inc., initially proposed paying 165 pence per share for the company, which was rejected by TI Fluid along with three other higher offers. The latest revised bid, first reported by Bloomberg on Friday, is 31% higher than the stock’s closing price on Friday.