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TI Fluid Systems PLC on Monday said it was ‘minded to recommend’ an improved bid proposal from Canadian rival ABC Technologies Inc. TI Fluid Systems said Toronto-based ABC Technologies had made three further takeover approaches, culminating in a 200 pence per share cash proposal, submitted last Thursday. A bid at that level would value TI at around £993 million. Two other proposals at 188p and 198p per share were rejected. TI Fluid Systems, which designs and manufactures thermal management and fluid handling systems, said it remains ‘confident’ in its strategy but would be ‘minded to recommend’ the latest proposal to shareholders. In response, TI shares rose 20% to 182.60p each in London on Monday morning. ABC Technologies, which is backed by Apollo Management IX LP, now has until November 8 to make a firm proposal to buy FTSE 250-listed TI Fluid Systems. The extended bid deadline will allow ABC to conclude due diligence and finalise financing. In August, ABC Technologies made an initial proposal of 165p per share, followed by an improved tilt at 176p per share. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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