Bodycote PLC shares dropped 10% after Apollo Global Management withdrew its takeover proposal. The decision concludes talks initiated in May regarding the UK-based thermal processing firm. Apollo had previously proposed a conditional £1.52 billion ($2 billion) all-cash offer.
Apollo provided no specific reason for the withdrawal but stated it holds Bodycote’s management in high regard. UK takeover rules now bar the private equity firm from making another approach for six months.
Bodycote’s board expressed confidence in its standalone strategy. The company reported a positive start to 2026 trading. It continues to focus on its ongoing growth initiatives.