03:34 PM EST, 11/27/2024 (MT Newswires) -- Apollo Global Management ( APO )-backed (APO) ABC Technologies is close to finalizing a nearly 1 billion pounds ($1.27 billion) acquisition of British manufacturer TI Fluid Systems, Bloomberg reported Wednesday, citing people familiar with the offer.

The companies are expected to announce a recommended offer before Friday's UK takeover deadline, the report said.

ABC recently raised its bid to 200 pence per share, valuing TI Fluid at approximately 992 million pounds, after earlier proposals were rejected. TI Fluid extended deadline for a firm offer to Nov. 29 to allow ABC to complete due diligence and secure financing. These issues have been addressed, the people told Bloomberg.

Apollo, TI Fluid and ABC did not immediately respond to MT Newswires' requests for comment.

Apollo shares fell nearly 1% in recent trading.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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