Bodycote shares fell 12% after Apollo Global terminated talks over a £1.52 billion takeover proposal.
Apollo Global Management and UK-based Bodycote have ended discussions over a £1.52 billion ($2 billion) takeover bid. The collapse of talks sent Bodycote’s stock down as much as 12% in early trading.
The proposed deal, disclosed earlier this year, had drawn attention as Apollo sought to expand its portfolio in industrial services. Bodycote, a thermal processing group, had been in negotiations with Apollo for several weeks before the decision to walk away.
Apollo’s stock remains under coverage by analysts, with Piper Sandler recently raising its price target to $157 from $146, citing strong Q1 results and long-term growth guidance.