Apollo Global Management submitted a cash offer of 885 pence per share for FTSE 250 heat‑treatment specialist Bodycote, valuing the deal at roughly £1.5 bn. The bid arrives after earlier approaches by the buyout house, which Bodycote said had received multiple proposals. The proposal, made public Friday, would end the company's 52‑year London listing.

Bodycote's shares jumped 18.4% on the news, pushing market capitalisation to about £1.4 bn. The company, which provides heat treatment, metal joining and protective coating services to manufacturers, faces a deadline of June 19 under UK takeover rules for Apollo to declare a firm intention. The bid reflects appetite for UK listings amid broader delisting activity. Analysts note the premium reflects investors' appetite for industrial cash flows.

London’s market has seen a string of high‑profile take‑privates, from Intertek’s €10.6 bn sale to EQT to KKR’s £4.7 bn acquisition of Spectris. Those deals have heightened regulator and ministerial concerns about capital‑market depth. Lawyers warn UK firms can scale faster under private owners, suggesting more take‑private offers, especially in defence and industrial sectors, are likely forthcoming as London’s equity market continues to shrink.