Apollo ends pursuit of UK's Bodycote after $2B bid

Apollo Global Management has announced it does not intend to make a firm offer for the British thermal processing services company Bodycote, ending talks over a £1.52 billion ($2.04 billion) conditional all-cash bid. The alternative asset manager had submitted the bid last month following several previous approaches. Apollo, which gave no reason for its decision, will now be restricted from making another approach for six months under British takeover rules, apart from under some specific conditions. The group stated it continues to hold Bodycote and its management team in high regard and is appreciative of the discussions with them and Bodycote's board of directors.