TI Fluid 'minded to recommend' 200p-a-share takeover offer from ABC Technologies

(Sharecast News) - TI Fluid Systems said on Monday that it would be "minded to recommend" an improved takeover proposal from ABC Technologies at 200p a share, should a firm offer be made.

TI Fluid has already rejected offers of 165p a share, 188p a share and 195p a share.

The latest proposal, made on 10 October, represents a premium of about 53.4% to the closing share price on 21 August, which was the last business day prior to ABC Technologies submitting its first proposal to the group.

TI Fluid said: "The company remains confident in its strategy. However, having considered the proposal and having consulted with its financial and legal advisers, the board has confirmed to ABC Technologies that, should a firm offer be made pursuant to Rule 2.7 of the Code on the same financial terms as the proposal, it would be minded to recommend it to shareholders."

In order for ABC Technologies to conclude due diligence and finalise financing, TI Fluid Systems has asked the Takeover Panel to extend the 'put up or shut up' deadline. As a result, ABC now has until 8 November to either announce a firm intention to make an offer for TI Fluid Systems or walk away.

"There can be no certainty that a firm offer will ultimately be made for TI Fluid Systems by ABC Technologies," the company said, adding that a further announcement will be made as and when appropriate.