Bodycote plc has confirmed receiving two competing conditional cash offer proposals from CVC and Veritas Capital Fund IX. CVC's proposal values Bodycote shares at up to 915 pence each, including a dividend, implying an equity value of approximately £1.56bn. Veritas has proposed a slightly lower structure of up to 914 pence per share, also including the same dividend.

Both private equity firms had prior contact with Bodycote's board. The board has granted both CVC and Veritas access to confirmatory due diligence and is working with them separately to expedite the process towards a firm offer. Under the City Code on Takeovers and Mergers, both CVC and Veritas have a "put up or shut up" deadline of 5:00 pm on 2 September to either announce a firm intention to make an offer or withdraw.

Bodycote stated the board is focused on maximizing shareholder value and certainty, noting both proposals are within a range that could warrant a unanimous recommendation. However, neither proposal is yet a binding offer, and there's no guarantee an offer will be made. Standard rights have been reserved by each firm, including the ability to adjust offer terms under certain circumstances.