Bodycote, the Macclesfield-based heat treatment and thermal processing giant, said on Friday that private equity giant Apollo Management “does not intend to make a firm offer for Bodycote.”

Bodycote shares fell about 11% to around £7.35 to give the Macclesfield firm a stock market value of roughly £1.3 billion.

On May 22, Bodycote said it had received a conditional proposal from Apollo Management regarding a possible £1.5 billion cash offer for the entire share capital of Bodycote.

But on Friday, the Macclesfield firm said: “The Board of Bodycote plc notes the statement by Apollo Management X, L.P. (together with Apollo Global Management, Inc. and its subsidiaries, on behalf of certain of its managed investment funds, that it does not intend to make a firm offer for Bodycote and that it is consequently bound by the restrictions under Rule 2.8 of the City Code on Takeovers and Mergers.

“The board of Bodycote has strong confidence in Bodycote’s potential and its strategy to create a high-performing, resilient business with attractive growth prospects.

“Bodycote continues to execute well on the group’s Optimise, Perform and Grow initiatives, with a positive start to 2026 trading as set out in the AGM trading update of 27 May 2026.

“As a result of the announcement by Apollo, Bodycote is no longer in an offer period for the purposes of the Code.”