Bodycote (BOY.L) Shares Fall After Apollo (APO) Withdraws Takeover Offer

Bodycote (BOY.L) shares dropped sharply in London on June 6, 2026, after Apollo Global Management (APO) said it will not make an offer for the British engineering company, ending a takeover pursuit. The private equity firm did not specify a reason for its decision. Bodycote had previously disclosed an unsolicited, non-binding proposal from Apollo, which the board rejected as undervaluing the firm. The withdrawal erases much of the premium that built up in Bodycote’s stock since news of the approach emerged. Shares declined by more than 15% in early trading, a reversal from the rally driven by expectations of a sweetened bid.