Private equity firm CVC Advisers announced on Monday, September 28, 2026, that it does not plan to make an offer for Bodycote, a British thermal processing services group. This decision ends a period of competition between CVC and U.S.-based Veritas Capital for control of the company, leaving Veritas Capital as the remaining bidder.
Veritas Capital secured the support of the Bodycote board of directors earlier in September 2026 with an offer valued at £1.85 billion ($2.45 billion), including debt. The interest followed a process that began in August 2026, when both CVC and Veritas submitted near-identical initial proposals. This followed a separate £1.52 billion approach from U.S. investment firm Apollo, which withdrew in June 2026.
Veritas gained the lead earlier this month by increasing its offer to 940 pence per share. This bid consists of 932.8 pence in cash and a 7.2 pence dividend, representing an approximate 34% premium. Bodycote provides heat-treatment and metal-processing services for several industrial sectors, including aerospace, defense, automotive, and energy.
The acquisition is part of a trend of foreign buyers, particularly private equity firms, targeting UK-listed companies, which some argue are undervalued. The pursuit by Veritas follows the withdrawal of CVC Advisers and Apollo.
What happens next: With CVC Advisers withdrawing from the pursuit, Veritas Capital remains the bidder with board approval. The source did not report specific deadlines for shareholder votes or an expected closing date for the transaction. Further regulatory reviews or final shareholder confirmations will be required before the transfer of ownership is complete. Bodycote will likely transition to private ownership under Veritas Capital if the existing terms are finalized.