TI Fluid Systems’ steadfast approach to ABC Technologies’ takeover pursuit has secured shareholders 200p per share in a takeover deal announced on Friday.
ABC Technologies’ acquisition of TI Fluid Systems for 200p per share in an all-cash deal values the company at £1.039 billion.
The offer represents a significant premium of 54.5% over TI Fluid Systems’ 90-day average share price prior to September 13, 2024, when ABC first approached TI Fluid.
TI Fluid Systems’ board rebuffed two initial offers of 165p and 176p before ABC upped their offer to 200p.
The acquisition comes as TI Fluid Systems, a global leader in automotive fluid management systems, navigates the industry’s transition toward electric vehicles. The company has been implementing its “Take-the-Turn” strategy since 2021, focusing on expanding its thermal management products for electric vehicles and strengthening its presence in the Chinese market.
Despite showing promising progress in adapting to industry changes, TI Fluid Systems has faced challenges from ongoing disruption in the global automotive sector.
According to a statement released on Friday, global light vehicle production is expected to decrease from 90.5 million units in 2023 to approximately 88.5 million units in 2024, particularly affecting European manufacturers.
Another London-listed company bites the dust.