UPDATE 1-ABC Technologies increases offer for UK’s TI Fluid

(Adds statement detail in paragraph 2-4, background in par 5)

Oct 12 (Reuters) – TI Fluid Systems said on Saturday it had received an increased offer of 200 pence ($2.61) per share from Canada’s ABC Technologies to acquire the British automotive components supplier.

London-listed TI, which has operations in 27 countries including Canada, the U.S. and Mexico, confirmed receiving a fifth all-cash proposal from Apollo Global-owned ABC Technologies on Oct. 10.

TI said that it remains confident in its strategy, adding that its board would recommended the offer to shareholders.

The UK’s takeover panel has granted the Canada-based manufacturer an extension under “put up or shut up” takeover rules for due diligence, financing and for the negotiation of definitive deal, TI said in a statement.

ABC Technologies has until 5 p.m. GMT on Nov 8 to either announce a firm intention to make an offer for TI Fluid Systems or not.

“There can be no certainty that a firm offer will ultimately be made for TI Fluid Systems by ABC Technologies,” the statement said.

In August, TI Fluid raised its full-year adjusted operating profit margin expectation to over 7.6% from 7.4% previously.

TI Fluid shares closed on Friday at 152.2 pence.

($1 = 0.7653 pounds) (Reporting by Rishabh Jaiswal and Gursimran Kaur in Bengaluru; Editing by Timothy Heritage and Mike Harrison)

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