(Reuters) -Canada’s ABC Technologies Holdings proposed a revised buyout of London-listed automotive components supplier TI Fluid Systems at 176 pence ($2.31) per share on Sept. 4, the companies said on Saturday.
Canada-based manufacturer ABC said TI Fluid’s board had rejected the offer. ABC added it remains interested in a possible transaction and is considering its position.
On Aug. 22, an initial proposal of 165 pence per share was made, which was also rejected by the TI Fluid’s board, the company said.
TI, which is listed in London but has operations in 27 countries including Canada, the U.S. and Mexico, confirmed receiving the second non-binding cash proposal from ABC Technologies but said its board rejected it.
“The board considered the proposal in detail with its advisers and unanimously concluded that it significantly undervalued TI Fluid Systems and its prospects,” the company said in a statement on Saturday.
TI Fluid’s board is unlikely to seriously consider an offer below about 200 pence-a-share, Sky News reported on Friday, citing a source.
In August, TI Fluid raised its full-year adjusted operating profit margin expectation to over 7.6% from 7.4% previously.
($1 = 0.7621 pounds)
(Reporting by Nilutpal Timsina in Bengaluru, Editing by Louise Heavens and David Gregorio)
