Bodycote, the Macclesfield-based heat treatment and thermal processing giant, said on Wednesday it has received “two separate conditional proposals regarding a possible cash offer for the entire share capital of Bodycote.”

Bodycote said it received separate takeover proposals from private equity firms CVC Advisers and Veritas Capital, valuing the Macclesfield firm at roughly £1.56 billion.

Bodycote said it would be minded to recommend either proposal if talks lead to a firm bid.

CVC’s proposal values Bodycote at up to £9.15 per share, with Veritas’s proposal worth up to £9.14 per share.

Bodycote shares rose 23% to £9.23, giving the firm a current stock market value of about £1.57 billion.

“Under the CVC Proposal, Bodycote shareholders would receive value of up to 915 pence per Bodycote share, comprising of a cash consideration of 907.8 pence, plus the interim dividend for the financial year ended 31 December 2026 of 7.2 pence (the ‘CVC Permitted Dividend’) …” said Bodycote.

“Under the Veritas Proposal, Bodycote shareholders would receive value of up to 914 pence per Bodycote share, comprising of a cash consideration of 906.8 pence, plus the interim dividend for the financial year ended 31 December 2026 of 7.2 pence (the ‘Veritas Permitted Dividend’) …”

“The board is focused on maximising value and delivering certainty to its shareholders and broad stakeholder base. The board is working separately with CVC and Veritas on an expedited basis to announce with either party a firm intention to make an offer pursuant to Rule 2.7 of the Code.

“A further announcement will be made when appropriate.

“In accordance with Rule 2.6(a) of the Code, CVC and Veritas are required, by not later than 5.00 p.m. on 2 September 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 they do 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 on Takeovers and Mergers (the “Panel”) in accordance with Rule 2.6(c) of the Code.”

On May 22, Bodycote said it received a conditional proposal from Apollo regarding a possible £1.5 billion cash offer for the entire share capital of Bodycote. On June 5, Bodycote said Apollo “does not intend to make a firm offer for Bodycote.”