Apollo bows out of $2 billion takeover pursuit of UK's Bodycote

Apollo Global Management and Bodycote ended talks over a £1.52 billion ($2 billion) takeover proposal, removing a potential premium bid for the British thermal processing services group. Bodycote shares fell as much as 12% on the news, reflecting disappointment that the deal will not proceed.

Analysis

Apollo Global Management and Bodycote ended talks over a £1.52 billion ($2 billion) takeover proposal, removing a potential premium bid for the British thermal processing services group. Bodycote shares fell as much as 12% on the news, reflecting disappointment that the deal will not proceed.