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Veritas Capital agrees recommended 940p a share takeover of Bodycote

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

The boards of Bodycote plc and Vulcan Alpha Bidco Limited, a company owned by funds and investment vehicles managed or controlled by Veritas Capital Fund Management, have agreed a recommended cash acquisition of Bodycote.

Shareholders will receive an offer value of 940 pence per share, made up of 932.8 pence in cash plus the FY26 interim dividend of 7.2 pence.

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 deal is to be implemented by a court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006.

Primary source

Bodycote plc (Rule 2.7 announcement) ↗

Written by Rainmakrr in our own words from the source above, published 1 September 2026.

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