A London-listed automotive components supplier has become the latest British-based company to draw overseas takeover interest after receiving a series of offers from a Canadian rival.
Sky News has learnt that TI Fluid Systems has received at least two bid proposals from ABC Technologies Holdings, a Canadian competitor.
City sources said on Friday evening that the second of the offers had valued TI Fluid Systems at 180p-a-share – a significant premium to its closing price on Friday of 145.8p.
Shares in the company rose by more than 7% on Friday amid market rumours about a potential bid.
TI Fluid Systems floated in London in October 2017 at a price of 255p-a-share.
One source said the company’s board, which is chaired by Tim Cobbold, a former boss of banknote printer De La Rue, was unlikely to seriously consider a proposal unless it was pitched at closer to 200p-a-share.
Both parties are likely to come under pressure from the Takeover Panel to confirm the interest from ABC Technologies over the weekend, or at the latest on Monday morning.
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TI Fluid Systems operates from 98 manufacturing locations in 27 countries.
It specialises in the production of fluid handling and thermal management systems.
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The company traces its roots back to 1922, when it began trading as Harry Bundy and Company.
A string of London-listed companies have agreed to takeovers by foreign or private equity bidders this year, the latest of which came this week when Centamin, a gold miner, accepted a £1.9bn offer from AngloGold Ashanti of South Africa.
On Friday, Apollo and TI Fluid Systems both declined to comment.
