According to news, Canadian rival ABC Technologies Holdings has submitted at least two bid proposals to TI Fluid Systems.
The second of the offers, according to city sources on Friday night, valued TI Fluid Systems at 180p per share, which is significantly more than its closing price of 145.8p on Friday.
Friday saw a more than 7% increase in the company’s shares due to market rumors of a possible bid.
In October 2017, TI Fluid Systems went public in London at a price of 255p per share.
According to one source, unless a bid was offered at a price closer to 200p per share, the company’s board—which is chaired by Tim Cobbold, a former executive of banknote manufacturer De La Rue—was unlikely to take it seriously.
The Takeover Panel is probably going to put pressure on both sides to validate ABC Technologies’ interest by the end of the weekend, or by Monday morning at the latest.
TI Fluid Systems has 98 manufacturing facilities spread over 27 countries.
It specializes in manufacturing heat management and fluid handling solutions.
