(Bloomberg) -- ABC Technologies Holdings Inc. has proposed buying TI Fluid Systems Plc for 200 pence ($2.62) per share, making its fifth bid to acquire the UK automotive components supplier.
ABC, which is backed by the alternative investment firm Apollo Global Management Inc., initially proposed paying 165 pence per share for the company, which was rejected by TI Fluid along with three other higher offers. The latest revised bid, first reported by Bloomberg on Friday, is 31% higher than the stock’s closing price on Friday.
In a statement Saturday, TI Fluid said that it confirmed to ABC that should a firm offer be made, it would be “minded to recommend it to shareholders.” It will extend a deadline for ABC to make the offer to Nov. 8, to give the company time to conduct due diligence and finalize financing.
TI Fluid makes thermal and fluid systems solutions for vehicles and has a presence in 26 countries. Private equity firm Bain Capital LP is the largest shareholder and has been selling down its stake on the market, including at 135 pence a share in March.
Shares in TI Fluid closed broadly flat in London on Friday at 152.2 pence, giving the Oxford, UK-based company a market value of about £756 million. The stock has risen 24% over the last 12 months.
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