CVC has formally ruled out a bid for Bodycote, removing the final obstacle to Veritas Capital's recommended take-private of the UK heat treatment specialist. The announcement falls under Rule 2.8 of the Takeover Code, which generally prevents CVC from bidding for Bodycote for six months. However, the firm has reserved the right to return if the Veritas offer lapses or is withdrawn with the Bodycote board’s agreement, if a third party announces a firm offer, or if the Takeover Panel judges there has been a material change in circumstances.

The withdrawal brings to an end a contest that began in May, when Bodycote disclosed an unsolicited approach from Apollo. Veritas and CVC then submitted separate proposals, which both firms improved several times.