Shares in car components maker TI Fluid Systems soared to their highest level in more than two years as it looked set to become the latest London-listed company to be snapped up by a foreign bidder.
The Oxford-based firm, which makes fluid systems for the likes of Aston Martin, Porsche, Land Rover and Fiat, said it has received a fifth takeover proposal from Canadian rival ABC Technologies worth 200p a share, or £994million.
The board said it was ‘minded’ to recommend such an offer to shareholders having turned down four previous bids worth between 165p a share, or £820million, and 195p a share, or £969million.
Target: TI Fluid, which makes fluid systems for the likes of Aston Martin, Porsche and Fiat, said it has received a fifth takeover proposal from ABC Technologies
ABC Tech, which is backed by private equity giant Apollo, has until November 8 to make a firm bid for TI Fluid.
Shares in TI Fluid, which listed at 255p-a-share in 2017, rose 19.5 per cent, or 29.6p, to 181.8p.
That was the highest close since August 2022 but well below the 2021 peak of 327p, which valued the company at £1.6billion.
A host of London-listed companies have succumbed to foreign takeovers this year including cyber-security firm Darktrace and logistics group Wincanton.
Shareholders in US packaging giant International Paper yesterday approved its £5.8billion takeover of FTSE 100 rival DS Smith (up 0.6 per cent, or 2.6p, to 470p).
Shareholders in broker Hargreaves Lansdown also backed its £5.4billion takeover by a consortium made up of CVC Capital Partners, Nordic Capital and the Abu Dhabi Investment Authority.
Hargreaves shares inched up 0.1 per cent, or 1p, to 1086p.
The FTSE 100 gained 0.5 per cent, or 39.01 points, to 8292.66 and the FTSE 250 added 0.3 per cent, or 52.26 points, to 20817.19 on a subdued session for global markets as China’s plans to kickstart the world’s second biggest economy fell flat.
‘Chinese finance ministry’s presentation over the weekend was a bit disappointing in the sense that you didn’t get these big numbers that some investors were hoping for,’ said Richard Flax, chief investment officer at wealth manager Moneyfarm.
Among the blue chips, budget airline easyJet gained 1.3 per cent, or 6.6p, to 502.2p after it appointed Jan De Raeymaeker as its chief financial officer.
He held the same job at Belgian rail group Lineas. Bovis Homes owner Vistry added 4.4 per cent, or 40.5p, to 963.5p after falling 30 per cent last week on the back of a shock profits warning.
Bunzl also ticked higher – up 2.4 per cent, to 84p, to 3550p – after an upgrade from analysts at investment bank JP Morgan.
Shares in the company, which supplies everyday products such as loo roll, disposable cups and hard hats, have almost tripled in value since their Covid-19 low.
GSK rose 1 per cent, or 14.5p, to 1494.5p after positive results from the trial of its Depemokimab treatment for chronic rhinosinusitis with nasal polyps.
The drug is seen as a potential blockbuster and could generate sales of up to £3billion a year.
Nasal polyps are growths in the nose or sinuses. Symptoms include a stuffy or runny nose, loss of smell and headaches.
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