Canada's ABC Technologies to buy British firm TI Fluid in $1.32 bln deal (updated)
29/11/2024 07:23
(Recasts paragraph 1, adds details of deal in paragraphs 2-3)
Nov 29 (Reuters) - British automotive components
supplier TI Fluid TIFS.L said on Friday that it will be
acquired by Canada's ABC Technologies for 1.04 billion pounds
($1.32 billion), expanding the combined group's reach across the
Americas, Europe, and Asia.
The 200 pence-per-share offer from Apollo Global-owned ABC
Technologies represents a 53.4% premium to TI Fluid's closing
share price of 130.4 pence on Aug. 21, before ABC's initial
proposal.
The deal implies an enterprise value of about 1.83 billion
pounds for TI Fluid.
The TI Fluid board said it intends to unanimously recommend
that shareholders vote in favour of the deal.
($1 = 0.7860 pounds)
(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by
Sherry Jacob-Phillips)
((abyjose.koilparambil@thomsonreuters.com))