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TI Fluid Systems says deadline for ABC Technologies bid extended

Fri, 22nd Nov 2024 12:26

(Alliance News) - TI Fluid Systems PLC on Friday said the deadline for a private equity bid for the company has been extended.

TI Fluid Systems, the UK-based automobile fluid supplier, received a non-binding all-cash offer from ABC Technologies Inc back in October to acquire the company at 200 pence per share. The proposal values TI Fluid Systems as a whole at GBP993 million.

The initial put-up-or-shut-up deadline was delayed to November 22 at automotive parts-supplier ABC's request.

TI Fluid Systems shares were up 1.8% at 184.00 pence each on Friday afternoon in London.

ABC Technologies asked for another extension on Thursday "to allow it to finalise financing and other arrangements". The company added that "it had substantially concluded its due diligence" and was reconfirming the possible offer price.

ABC has until the close of play on November 29 to announce whether it intends to make a firm offer.

By Holly Munks, Alliance News reporter

Comments and questions to newsroom@alliancenews.com