ere’s a chance of a higher bid, a rival entrant, or sweeter terms before the deadline. It also shows how fast expectations can move: Reuters notes Apollo Global Management dropped out just two months ago after an 885p-per-share approach. Bodycote says it would be minded to recommend either offer if a firm bid emerges, but the “put-up-or-shut-up” date forces a near-term decision, and the company’s day-to-day fundamentals may matter less than the takeover math until then.
Why should I care?
For markets: Bodycote’s 923p close is a bet on a higher price before September 2.
This is classic deal-arbitrage pricing. Traders are effectively weighing two paths: a raised offer or fresh bidder that pushes the cash price up, versus both suitors stepping aside. That’s why the shares can sit above 915p and 914p: the market is pricing the odds of an improved outcome, plus the time value of waiting for September 2. The flip side is speed. If no one goes firm, the takeover “floor” disappears and the stock can quickly drift back toward where it traded before the news, closer to Tuesday’s 750p level, as takeover-focused buyers exit.