TI Fluid rejected two offers from Canada's ABC Technologies

(Sharecast News) - Canada's ABC Technologies on Monday confirmed it had two approaches for UK automotive parts supplier TI Fluid Systems rejected over the past month but was still interested in a deal and was "considering its position". ABC made an initial proposal of 165p a share on August 22 and a revised 176p-a-share offer on September 4 - a 20.7% premium to TI Fluid's closing price on September 13. In response TI Fluid said the bid "significantly undervalued" the company and its prospects.

Under UK takeover laws ABC has until 1700 BST on October 12 to make a firm bid or walk away.

Reporting by Frank Prenesti for Sharecast.com