Macclesfield-based heat treatment and thermal processing giant Bodycote said on Wednesday it has suspended with immediate effect its £80 million share buyback programme which commenced on March 11, 2026.

US-based private equity firm Veritas Capital said on Tuesday it reached an agreement to acquire Bodycote with an improved offer of £9.40 per share. The agreed deal exceeds a potential rival offer of £9.15 per share from private equity firm CVC Advisers. CVC said it is “considering its position.”

“Bodycote plc announces that, further to the announcement made on 1 September 2026 by Veritas Capital Fund Management LLC of a recommended cash offer for Bodycote, it has suspended with immediate effect the £80m share buyback programme, which commenced on 11 March 2026,” said Bodycote.

“Under the Buyback Programme, Barclays Bank plc on behalf of Bodycote has purchased a total of 2,574,597 ordinary shares of 17 3 / 11 pence each at a cost of £17.5m.

“All shares purchased under the Buyback Programme have been cancelled.

“Any re-commencement of the Buyback Programme would be announced to the market.”