Bodycote stock surged 4.5% to reach 953.85 pence during the trading session after US private equity firm Veritas Capital formally agreed to acquire the Macclesfield-based heat treatment specialist at 940 pence per share in cash. ^[1] Bodycote's board unanimously recommended the acquisition offer to shareholders. ^[2] The deal, structured through Veritas's Vulcan Alpha Bidco vehicle, values Bodycote's equity at approximately £1.65 billion and rises to around £1.85 billion when debt is included. ^[3] RBC analyst stated that the takeover price of 940p does not appear particularly generous on a take-out basis and is only 25% above the pre-bid level. ^[4] The Peel Hunt report calculated 150-plus bids for UK companies with a market value of more than £100m since the start of 2023. ^[5] The UK Prime Minister stated that the country is engaged in reindustrialization, implying that a growing portion of this activity will be under foreign ownership. ^[6] The announcement came on the precise deadline imposed by the UK Takeover Panel under Rule 2.6(a) of the City Code on Takeovers and Mergers, by which both Veritas and rival bidder CVC Advisers were required either to table a firm offer or walk away. ^[7]