UK industrials group Bodycote has received two near-identical takeover bids from private equity groups, CVC and Veritas. CVC proposed up to 915p per share, while Veritas offered up to 914p, valuing the company at almost £1.6bn. Bodycote's board is "minded to recommend" either offer and is working to secure a deal.

These bids increase the likelihood of Bodycote being taken private, amidst a broader trend of London-listed companies agreeing to foreign takeovers. The value of UK-listed groups acquired has surged 188 per cent in the first seven months of the year. This comes as UK ministers and executives express concern over the health of the London stock market.

Previous interest from US investor Apollo for around £1.5bn was dropped in June. Bodycote provides services like heat treatment and protective coatings. In response to a lack of recent IPOs, regulators are introducing reforms to simplify listing rules and boost London's appeal for capital raising.