Bodycote agreed a Veritas bid as Gamma and Capricorn also leave London
Bodycote agreed a Veritas Capital offer. City A.M. put the bid at 1.9 billion pounds, or 932 pence a share, while The Guardian valued the same deal at 1.84 billion pounds. Gamma Communications recommended a 1.1 billion pound all-cash offer from Epiris. Capricorn also set out plans to leave London; City A.M. put the three deals above 3 billion pounds. The Guardian reported Capricorn's 396 million dollars agreement with DNO and said CVC was considering its position on Bodycote.
Economics & Markets··Evening
Bodycote agreed the Veritas takeover
Bodycote agreed a takeover by the US private equity firm Veritas Capital. City A.M. put the offer at 1.9 billion pounds, or 932 pence a share, 41.4 per cent above the 659.5 pence twelve-month average to May. The Guardian valued the same deal at 1.84 billion pounds. Bodycote has traded in London since 1972. City A.M. said the company had rebuffed earlier approaches from Veritas and CVC. The Guardian reported that CVC said it was considering its position and advised shareholders to take no action on the Veritas offer for now, and that Bodycote shares rose 4.5 per cent, the second-largest gain in the FTSE 250.[1], [2]
Gamma recommended the 1.1 billion pound Epiris offer
Gamma Communications recommended a 1.1 billion pound all-cash offer from Epiris, a figure reported by City A.M. and by The Guardian. City A.M. said the offer carries a 53 per cent premium to Gamma's share price before takeover speculation emerged. The Guardian added that Epiris first indicated its interest in June. Gamma had, days earlier, confirmed possible takeover talks with the European buyout firm Waterland.[1], [2]
Capricorn is leaving; the three deals exceed 3 billion pounds
The energy firm Capricorn also set out plans to leave the market. City A.M. said the combined value of the Bodycote, Gamma and Capricorn deals is above 3 billion pounds. The Guardian said Capricorn is ending 38 years on the FTSE all-share index after a deal with Norwegian rival DNO for 396 million dollars, having recommended an offer from Genel Energy then switched after the higher DNO bid. The Guardian put this year's takeovers removing companies from the exchange at almost 110 billion dollars, after the year-to-date total had passed 100 billion dollars, or 74 billion pounds.[1], [2]
