Key facts
- Apollo Global Management withdrew its $2 billion takeover bid for Bodycote.
- Bodycote shares fell more than 17% after the bid withdrawal.
- Apollo stated it does not intend to make a firm offer for Bodycote.
- The bid was valued at 885p per share.
Private equity firm Apollo Global Management has officially withdrawn its $2 billion takeover pursuit of UK-based Bodycote. The firm had engaged in discussions and made several proposals to acquire the company, with the conditional all-cash takeover approach valued at 885p per share. Apollo stated that it does not intend to make a firm offer, adding that it continues to hold the company in high regard. Following the announcement, Bodycote's stock tumbled, falling by more than 17%. This marks an end to the potential acquisition.