Canadian firm ABC Technologies increases unsolicited offer to £870M (176p/share) for UK-based TI Fluid Systems, which board rejects, citing undervaluation.
Canadian firm ABC Technologies has made a second unsolicited offer to acquire UK-based TI Fluid Systems for £870 million, or 176p per share, an increase from a prior bid of 165p. However, TI Fluid Systems' board has unanimously rejected both offers, claiming they undervalue the company. ABC, backed by Apollo Global Management, remains interested and must submit a formal bid by October 12 or withdraw. TI's shares rose 15% following the rejection.
September 16, 2024
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