ABC Technologies increases its offer for TI Fluid (United Kingdom) – 10/12/2024 at 8:41 p.m.

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((Automated translation by Reuters, please see disclaimer https://bit.ly/rtrsauto))

(Added details in paragraphs 2 to 4 and context in paragraph 5)

TI Fluid Systems TIFS.L said on Saturday it had received an increased offer of 200 pence (2.61) per share from Canada’s ABC Technologies to acquire the British automotive supplier.

TI, a company listed in London and present in 27 countries, including Canada, the United States and Mexico, confirmed that it received a fifth cash offer on October 10 from ABC Technologies, owned by Apollo Global.

TI said it remained confident in its strategy, adding that its board would recommend the offer to shareholders.

The UK Takeover Committee has granted the Canadian manufacturer additional time under the put up or shut up rules for due diligence, financing and transaction of the tender. definitive agreement, TI said in a statement.

ABC Technologies has until November 8 at 5 p.m. GMT to announce whether or not it intends to make a bid for TI Fluid Systems.

“There is no certainty that a firm offer will ultimately be made by ABC Technologies for TI Fluid Systems,” the statement said.

In August, TI Fluid raised its full-year adjusted operating margin forecast from 7.4% to above 7.6%.

Shares in TI Fluid closed at 152.2p on Friday.

(1 dollar = 0.7653 pounds)

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