Bodycote shareholders approve Veritas's 932.8p-a-share cash takeover

At the Court Meeting on 21 October 2026, held at 10:00 a.m. London time, and the General Meeting at 10:15 a.m. or as soon thereafter as the Court Meeting concluded or was adjourned, more than 99% of votes cast supported the recommended cash acquisition by Vulcan Alpha Bidco, a vehicle backed by Veritas Capital. The Court Meeting required a majority in number of Scheme Shareholders present and voting, in person or by proxy, representing 75% or more in value of the Scheme Shares voted by those shareholders. The special resolution also had to pass at the General Meeting.

The cash consideration is 932.8p per Bodycote share. Holders also keep the previously declared 7.2p FY26 interim dividend, taking the total value to 940p a share. The cash offer values Bodycote's equity at about £1.64bn, AskTraders reported. The offer is a 44% premium to Bodycote's closing price the day before Veritas's initial approach and a 24.3% premium to the price immediately before the formal offer period began. Reuters pegged the transaction at about $2.5bn.

Bodycote's board unanimously recommended the deal and directors committed irrevocably to vote in favour. Chair Daniel Dayan called it recognition of "excellent value in cash" after progress on the group's Optimise, Perform and Grow programme. Veritas partner James Dimitri said the firm would draw on its aerospace and defence sector experience to support Bodycote's next growth phase.

Bidding history

Bodycote had been in play since May, when an unsolicited approach from Apollo prompted separate rival bids from Veritas and CVC. Apollo walked away in June after proposing a deal valued at £1.52bn. In August, CVC floated up to 915p a share against Veritas's 914p proposal, ad-hoc-news reported. Veritas ultimately prevailed with its improved 940p offer, AskTraders reported.

On 28 September, Bodycote published the scheme document and noted CVC's statement that it did not intend to make a firm offer, binding CVC under Rule 2.8 of the Takeover Code. That left Vulcan Alpha Bidco as the sole bidder. Bodycote shares fell 3.1% to £9.17 that day, which ad-hoc-news attributed to the disappearance of any residual hope for a higher counterbid.

CVC left a narrow route back. A fresh offer would be considered only if the current bid lapses, a third party submits a binding proposal, or regulators identify a material change in circumstances.

Remaining conditions

Completion remains subject to court sanction and further regulatory approvals. The parties said the mandatory waiting period under the US Hart-Scott-Rodino Act has expired and other merger control and foreign direct investment filings are progressing as planned. The scheme is expected to become effective in the first quarter of 2027. After that, Bodycote intends to cancel its London listing and trading admission.