finance
Apollo Global Management Ends Bid for British Company Bodycote
Apollo Global Management has decided against proceeding with a potential acquisition of the UK-based engineering firm Bodycote. The private equity giant, which had previously submitted three non-binding proposals, has withdrawn its interest in the company.
6/19/2026, 1:46:21 PM
Apollo Global Management, a prominent American private equity firm, has ceased its pursuit of a potential takeover of the British engineering group Bodycote. This decision brings an end to a period of speculation regarding the future ownership of the company, which specializes in heat treatment and thermal processing services.
According to Investing.com, Apollo had previously submitted multiple non-binding proposals to acquire Bodycote. These proposals, which were not made public, ultimately did not lead to a firm offer from the private equity firm.
Bodycote, a FTSE 250 company, acknowledged Apollo's interest in recent weeks, confirming that it had received approaches. The company’s board had been evaluating these proposals, but no agreement was reached that would have resulted in a formal bid. The withdrawal of Apollo leaves Bodycote to continue its operations as an independent publicly traded entity.
The initial reports of Apollo's interest had led to a surge in Bodycote's share price, reflecting investor optimism about a potential premium offer. Bodycote’s market valuation currently stands at approximately £1.2 billion, or around $1.5 billion, based on current exchange rates. The reported value of Apollo's interest had been in the region of $2 billion, suggesting a significant premium over the company's standalone valuation.
The reasons behind Apollo's decision to withdraw its interest have not been publicly disclosed by either party. Such situations in corporate mergers and acquisitions can arise from various factors, including valuation disagreements, due diligence findings, or changing market conditions. Both companies have declined to provide further comment on the matter beyond the initial statements.
Bodycote operates across 27 countries, providing essential services to a wide range of industries, including aerospace, defense, automotive, and energy. Its expertise in heat treatment processes is crucial for enhancing the performance and durability of metals and alloys. The company will now focus on its strategic plans as an independent entity, continuing to serve its global customer base.