Canada’s ABC Technologies Holdings proposed on September 4 to acquire London-listed automotive supplier TI Fluid Systems for 176 pence ($2.31) per share, the company said on Saturday.
The Canada-based manufacturer said TI Fluid’s board rejected the offer but remains interested in a possible transaction and is reviewing its position.
There is no certainty that an offer will be made, and even if it is made, the terms of the offer may still change, the company said.
An initial offer of 165 pence per share was made on August 22, but was rejected by TI Fluid’s board of directors, the company said.
TI Fluid could not immediately be reached for comment.
TI Fluid’s board is unlikely to seriously consider the offer unless it is at 200 pence per share, Sky News reported on Friday, citing a source. The report added that ABC Technologies has offered 180 pence per share for TI Fluid.
In August, TI Fluid raised its expectations for the adjusted operating profit margin for the full year from 7.4% to over 7.6%.
($1 = 0.7621 pounds)
