Apollo Global Management launched a £1.52 billion ($2.04 billion) takeover proposal for heat treatment specialist Bodycote, sending the UK firm's shares sharply higher as investors reacted positively to the potential acquisition.

The private equity firm has until June 19 to make a formal offer or walk away after previous approaches to Bodycote's board. The latest bid represents a significant premium over Bodycote's current market capitalization, signaling Apollo's confidence in the company's value.

Market analysts view this move as part of Apollo's strategy to expand in industrial services, with Bodycote's heat treatment technology potentially complementing Apollo's existing portfolio. The deal would mark another significant private equity acquisition in the industrial sector this year.