Bodycote (BOY): Offer for the company
This situation live
BOY Bodycote
22 May 2026 · approach · 885p · −14% until the next step
Bodycote shareholders would receive an offer price of 885 pence per share in cash and would be entitled to receive the proposed final dividend of 16.1 pence per share for the 2025 financial year witho
5 Jun 2026 · offer · +33% until the next step
Apollo confirms that it does not intend to make a firm offer for Bodycote.
1 Sep 2026 · offer · 940p · −4% until the next step
Each Bodycote Shareholder will be entitled to receive a total value of 940 pence per Bodycote Share comprising 932.8 pence in cash and the FY26 interim dividend of 7.2 pence per share.
28 Sep 2026 · offer · −1% since
CVC confirms that it does not intend to make an offer to acquire Bodycote.
Offer for the company
offer · lapsed
Offer940p in cash
Premium+24% on 750.2p
Boardconsidering
As of 28 Sep 2026 ↗
Next: Veritas scheme progresses; CVC may set Rule 2.8 aside only in listed cases
Every step · 5
- 22 May 2026 approach · 885p – Bodycote shareholders would receive an offer price of 885 pence per share in cash and would be entitled to receive the proposed final dividend of 16.1 pence... ↗
- 5 Jun 2026 offer – Apollo confirms that it does not intend to make a firm offer for Bodycote. ↗
- 1 Sep 2026 offer · 940p – Each Bodycote Shareholder will be entitled to receive a total value of 940 pence per Bodycote Share comprising 932.8 pence in cash and the FY26 interim... ↗
- 28 Sep 2026 offer – The Bodycote Directors recommend unanimously that Bodycote Shareholders vote in favour of the Scheme at the Court Meeting and the Resolutions to be proposed... ↗
- 28 Sep 2026 offer – CVC confirms that it does not intend to make an offer to acquire Bodycote. ↗
What is happening
Bodycote: Offer for the company – offer. ['offer']
- In short
- After Apollo withdrew on 5 June 2026, Bodycote confirmed on 5 August 2026 two proposals, from CVC (up to 915p) and Veritas (up to 914p). On 1 September 2026 Veritas's BidCo agreed a recommended 940p cash offer, valuing the equity at about £1,652m. On 28 September 2026 CVC said it does not intend to bid (Rule 2.8), leaving Veritas as the only bidder.
- Announced
- 22 May 2026 · approach · 885p
- Latest
- 28 Sep 2026 · lapsed
- Premium
- 36.5% above 3-month undisturbed VWAP of 683.4p; 24.3% above 750.2p close on 4 August 2026
- Valuation
- Equity approx. £1,652m at Offer Value; enterprise value approx. £1,852m
- Bidder
- Vulcan Alpha Bidco Limited, owned by funds managed or controlled by Veritas Capital Fund Management
- Structure
- Scheme of arrangement under Part 26 of the Companies Act 2006
- Dividend
- Interim 7.2p paid 5 November 2026 to holders on register at 2 October 2026; other dividends may reduce the cash consideration
- Rival bidder
- CVC (earlier up to 915p) stated on 28 September 2026 it does not intend to make an offer
- Shareholder advice
- CVC advises Bodycote shareholders to take no action in response to the Veritas offer for now
- CVC reservations
- CVC can set Rule 2.8 aside if Veritas offer lapses with board agreement, a third party bids, or there is a material change of circumstances
What comes next
Veritas scheme progresses; CVC may set Rule 2.8 aside only in listed cases.
From the company's own announcements. Not investment advice.
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