HedgeCo.Net — CVC Advisers Limited on September 28, 2026 issued a Takeover Code Rule 2.8 statement confirming it does not intend to make an offer for Bodycote plc, according to the Investegate RNS and Reuters. The walk-away clears the competitive path for Veritas Capital-backed Vulcan Alpha Bidco Limited, which earlier won Bodycote’s board backing for a recommended cash acquisition.
Reuters reported Veritas’s sweetened bid at 940 pence a share and an enterprise value of about £1.85 billion ($2.45 billion) including debt. Apollo had previously retreated from a lower approach, and coverage noted that CVC and Veritas had submitted near-identical proposals in August before Veritas moved ahead with Bodycote’s recommendation.
Bodycote provides heat-treatment and metal-processing services to aerospace, defence, automotive and energy customers. Under Rule 2.8, CVC is restricted for six months from making an offer, subject to the carve-outs stated in the RNS.
For LPs and industrials M&A desks tracking UK-listed auctions, the hard marks are CVC’s September 28 Rule 2.8 statement, Veritas’s recommended 940 pence cash offer, the roughly £1.85 billion / $2.45 billion enterprise value including debt, and the six-month restriction with stated carve-outs. Do not invent bid timelines or Apollo terms beyond published coverage.