(Reuters) -British automotive components supplier TI Fluid said on Friday that it will be acquired by Canada’s ABC Technologies for 1.04 billion pounds ($1.32 billion), expanding the combined group’s reach across the Americas, Europe, and Asia.
The 200 pence-per-share offer from Apollo Global-owned ABC Technologies represents a 53.4% premium to TI Fluid’s closing share price of 130.4 pence on Aug. 21, before ABC’s initial proposal.
The deal implies an enterprise value of about 1.83 billion pounds for TI Fluid.
The TI Fluid board said it intends to unanimously recommend that shareholders vote in favour of the deal.
($1 = 0.7860 pounds)
(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Sherry Jacob-Phillips)
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