Bodycote, the Macclesfield-based heat treatment and thermal processing giant, confirmed on Friday it has received a conditional proposal from private equity giant Apollo Management regarding a possible £1.5 billion cash offer for the entire share capital of Bodycote.

“Under the proposal, Bodycote shareholders would receive an offer price of 885 pence per share in cash and would be entitled to receive the proposed final dividend of 16.1 pence per share for the 2025 financial year without any reduction to the offer price (subject to approval by shareholders at Bodycote’s annual general meeting on 27 May 2026) …” said Bodycote.

“This Proposal follows a number of previous proposals from Apollo to the Board regarding a possible offer for Bodycote. The Board of Bodycote and Apollo are in discussions regarding the Proposal.

“There can be no certainty that any offer will be made, nor as to the final terms on which any offer might be made. A further announcement will be made as and when appropriate.

“In accordance with Rule 2.6(a) of the Code, Apollo is required, by not later than 5.00 p.m. on 19 June 2026, either to announce a firm intention to make an offer for Bodycote in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline can be extended with the consent of the Panel in accordance with Rule 2.6(c) of the Code.

“This announcement is being made by Bodycote without the prior approval of Apollo.”