(Reuters) – Canada’s ABC Technologies Holdings proposed a buyout of London-listed automotive components supplier TI Fluid Systems at 176 pence ($2.31) per share on Sept. 4, the company said on Saturday.
The Canada-based manufacturer said TI Fluid’s board had rejected the offer, however, it remains interested in a possible transaction and is considering its position.
There is no certainty that an offer will be made, and even if it does, the terms of the offer are subject to change, the company said.
Earlier on Aug. 22, an initial proposal of 165 pence per share was made, which was rejected by the TI Fluid’s board, the company added.
TI Fluid could not immediately be reached for comment.
TI Fuild’s board is unlikely to seriously consider the offer unless it’s about 200 pence-a-share, Sky News reported on Friday, citing a source. The report added that ABC Technologies has offered 180 pence-a-share for TI Fluid.
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)
(This story has been refiled to remove extraneous words in paragraph 1)
(Reporting by Nilutpal Timsina in Bengaluru, Editing by Louise Heavens)