June 5 (Reuters) – U.S.-based Apollo Global Management does not intend to make a firm offer for British thermal processing services company Bodycote, the groups said on Friday, ending talks over a ÂŁ1.52 billion ($2.04 billion) proposal.
The alternative asset manager had submitted a conditional all-cash bid to Bodycote last month following several previous approaches, sending its shares surging as the 885 pence per share offer stood at a nearly 27% premium.
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.
“Apollo continues to hold Bodycote and its management team in high regard, is appreciative of the discussions with them and Bodycote’s board of directors,” the group said in a statement.
($1 = 0.7450 pounds)
(Reporting by Neeshita Beura in Bengaluru; Editing by Harikrishnan Nair and Mrigank Dhaniwala)
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