CVC abandons pursuit of Bodycote after Veritas Capital deal

(Sharecast News) - CVC said on Monday that it was not planning to make another offer for Bodycote, which agreed earlier this month to be bought by US private equity firm Veritas Capital in a £1.65bn deal. "CVC is grateful for the constructive engagement shown by the Bodycote board and management team, and thanks them for the time they have devoted to considering this potential transaction," it said.

Bodycote announced at the start of September that it had agreed to be bought by Veritas - through its special purpose vehicle Vulcan Alpha Bidco - for 940p per share. This comprises 932.8p in cash and the FY26 interim dividend of 7.2p per share.

Bodycote, which provides heat treatment and specialist metallurgical technologies, first announced in August that it had received takeover offers from CVC and Veritas, of 915p and 914p per share, respectively.

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