Apollo Global-owned ABC Technologies Holdings has proposed a buyout of London-listed automotive components supplier TI Fluid Systems for more than 800 million pounds ($1.05 billion), Sky News reported on Friday.
Canada-based ABC Technologies has offered a 180 pence-a-share deal, the report added.
The board of TI Fluid is unlikely to seriously consider the offer unless it values the shares at about 200 pence each, Sky News reported, citing a source.
ABC Technologies and TI Fluid did not immediately respond to Reuters’ requests for comments, while Apollo Global declined to comment.
In August, TI Fluid raised its full-year adjusted operating profit margin expectation to over 7.6% from 7.4%.
($1 = 0.7618 pounds)
(Source: ReutersReuters)
