The board and shareholders of TI Fluid Systems are awaiting more movement on a possible takeover this week after the company turned down a bid from a Canadian rival.
TI Fluid Systems said the 176p-per-share offer from ABC Technologies “significantly undervalued” the FTSE 250 company and its prospects.
ABC, which is backed by Apollo Global Management, said it was considering its position. It is expected to provide an update shortly.
Bain Capital, the private equity firm, floated TI Fluid Systems at 255p per share in 2017 and since then has been reducing its holding. The firm generated about £68 million from selling 50 million shares at 135p in March, but it still holds a stake of about 28 per cent. Stephen Thomas, 49, a partner