ABC Technologies receives PUSU deadline extension for TI Fluid Systems bid
TI Fluid Systems
171.40p
13:20 08/11/24
Thermal management and fluid handling systems manufacturer TI Fluid Systems said on Friday that the PUSU deadline for ABC Technologies' proposed takeover had been extended to 22 November.
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Back in October, TI Fluid received a non-binding all-cash proposal from ABC Technologies, a company majority-owned by investment funds managed by Apollo Management IX, to acquire the company at a price of 200.0p per share.
While the proposal's PUSU deadline was originally set as 8 November, it has been extended for a further fortnight in order to allow ABC to finalise its remaining confirmatory due diligence and financing, and for the finalisation of definitive transaction documentation.
The FTSE 250-listed group added that there was still no certainty that a firm offer would ultimately be made by ABC Technologies.
As of 0915 GMT, TI Fluid shares were up 6.06% at 175.0p.
Reporting by Iain Gilbert at Sharecast.com