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Veritas Capital agrees recommended 940p a share takeover of Bodycote

By Dan Keegan · Page updated

Bodycote's board has recommended a cash offer from a Veritas Capital vehicle that values Bodycote's equity at about £1.65bn.

On 1 September 2026, Bodycote plc and Vulcan Alpha Bidco Limited, a vehicle owned by funds and investment vehicles managed or controlled by Veritas Capital Fund Management, announced a recommended cash acquisition of Bodycote.

Under the announced terms, shareholders would receive a total offer value of 940 pence per share, comprising 932.8 pence in cash and the FY26 interim dividend of 7.2 pence, if the acquisition became effective.

The offer value implies a fully diluted equity valuation of approximately £1,652 million and an enterprise value of approximately £1,852 million.

Including the dividend, the offer value is a premium of approximately 37.5% to the three-month volume-weighted average price to 21 May 2026, the undisturbed period before Bodycote's possible offer announcement.

Bodycote had announced on 5 August 2026 that it had received separate conditional proposals from both Veritas and CVC.

The 1 September announcement proposed a court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006; it did not announce completion.

Primary source

Bodycote plc (Rule 2.7 announcement) ↗

Written for Rainmakrr from the source above. The announcement was published 1 September 2026.

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