The New York private equity firm is offering to pay 940 pence per share, 932.8p in cash plus 7.2p interim dividend that shareholders may keep - through their acquisition vehicle, Vulcan Alpha Bidco.

And now, CVC Capital Partners, through its subsidiary CVC Advisers, responded. In a statement, it said: “CVC Advisers notes the firm intention announcement made by Veritas and the Company and its terms and conditions (the “Veritas Offer). CVC is considering its position and a further announcement will be made when appropriate.

“Bodycote shareholders are strongly advised to take no action in response to the Veritas Offer in the meantime.”

Bodycote, based in Macclesfield, is the world’s largest provider of heat treatment and specialist thermal processing, running roughly 130 facilities in 22 countries with about 4,000 employees. 

Veritas manages around $54bn in assets and specialises in industrial businesses. It outbid CVC’s 915p per share on August 5, while an earlier unsolicited approach made by Apollo Global Management in May was withdrawn.

The offer by Veritas marks a 37.5% premium to Bodycote’s three-month volume-weighted average share price to May 21, and a 42.5% premium to its 12 months average. The board has recommended shareholders to back the offer. If approved by shareholders and passes regulatory hurdles, the deal is expected to complete in the first quarter of 2027. 

James Dimitri, partner and co-head of flagship private equity at Veritas, said the firm wanted to help Bodycote’s management deliver its strategic plan as a private company “to support Bodycote’s continued development and unlock a new chapter of growth.”