ABC Technologies receives PUSU deadline extension for TI Fluid Systems bid

8th Nov 2024 09:20

(Sharecast News) - Thermal management and fluid handling systems manufacturer TI Fluid Systems said on Friday that the PUSU deadline for ABC Technologies' proposed takeover had been extended to 22 November.

Back in October, TI Fluid received a non-binding all-cash proposal from ABC Technologies, a company majority-owned by investment funds managed by Apollo Management IX, to acquire the company at a price of 200.0p per share.

While the proposal's PUSU deadline was originally set as 8 November, it has been extended for a further fortnight in order to allow ABC to finalise its remaining confirmatory due diligence and financing, and for the finalisation of definitive transaction documentation.

The FTSE 250-listed group added that there was still no certainty that a firm offer would ultimately be made by ABC Technologies.

As of 0915 GMT, TI Fluid shares were up 6.06% at 175.0p.

Reporting by Iain Gilbert at Sharecast.com