The Board of Bodycote plc (BOY.L) noted Apollo Management X, L.P's statement, made on behalf of certain of its managed investment funds, that it does not intend to make a firm offer for the company.
BOY.L closed Friday's regular trading at 715.50p down 107.50p or 13.06%.
Despite Apollo's withdrawal, the Board expressed strong confidence in Bodycote's potential and its strategy to build a high-performing, resilient business with attractive growth prospects. The company continues to execute well on its Optimise, Perform and Grow initiatives, with trading in 2026 beginning positively as highlighted in the AGM update on 27 May 2026.
Last month, Bodycote confirmed it had received a conditional cash proposal from Apollo Management X, L.P. Under the proposal, shareholders would have received an offer price of 885 pence per share in cash, along with a proposed final dividend of 16.1 pence per share for the 2025 financial year.
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