Apollo Ends Takeover Pursuit of Bodycote

On 5 June 2026, Bodycote plc and Apollo Management X, L.P. issued regulatory announcements confirming that Apollo does not intend to make a firm offer for Bodycote. The decision brings an end to Apollo's takeover pursuit of the UK-listed company, which had attracted attention in financial markets.

Apollo's statement was made on behalf of Apollo Global Management and its affiliates, signalling that the group has stepped back from progressing any formal bid for Bodycote at this time. The announcements were released through regulatory channels to inform shareholders and the wider market.

Following Apollo's announcement, Bodycote stated that it is no longer in an offer period for the purposes of the City Code on Takeovers and Mergers. This change in status removes the company from the heightened disclosure and takeover-related framework that applies while a potential bid is live.

Bodycote's regulatory statement clarified that the end of the offer period is a direct consequence of Apollo's decision not to proceed to a firm offer. The company framed the communication as an update to the market on the status of the previously signalled takeover interest.

As a result of Apollo's decision, Apollo and any persons acting in concert with it are now subject to Rule 2.8 of the City Code. Under this rule, they are generally prevented from making a new offer for Bodycote for six months, unless the Takeover Panel consents or certain specified exceptions under the Code apply.

The Rule 2.8 restrictions are designed to provide certainty to the market and to the target company's shareholders following the withdrawal of an approach. Apollo's announcement expressly acknowledged that these constraints now apply to its managed funds and concert parties.

Despite confirming that no firm offer will be made, Apollo stated that it reserves the right, on behalf of its managed funds, to acquire shares in Bodycote. Any such acquisitions would need to comply with the City Code on Takeovers and Mergers and with other applicable regulations.

The reserved rights language means Apollo could build or adjust positions in Bodycote's shares within the boundaries set by the Takeover Code. However, any move to revisit a potential offer within six months would require satisfaction of Rule 2.8 conditions or Panel consent.

In its statement, Bodycote confirmed that Barclays Bank PLC (BARC.L), Goldman Sachs International and Jefferies International Limited are acting as its financial advisers in relation to the matter. The firms have been engaged to advise Bodycote on its position under the Takeover Code and the implications of Apollo's decision.

The confirmation of advisory roles forms part of the standard disclosure accompanying UK takeover-related announcements. It underscores that Bodycote has retained multiple investment banks to support its response to the now-terminated approach from Apollo.