Bodycote (LSE:BOY) said CVC Advisers has confirmed it does not intend to make an offer to acquire the company, ending the possibility of a rival bid emerging.
CVC's statement follows the 1 September announcement that Vulcan Alpha Bidco, a vehicle backed by Veritas Capital, had agreed a recommended cash acquisition of Bodycote at 940p per share.
The heat-treatment and metal-processing services group is being acquired via a scheme of arrangement, with the offer valuing its equity at roughly £1.64bn and its enterprise value at about £1.84bn.
CVC had submitted competing proposals during the bidding process before Veritas raised its offer to 940p from an earlier 914p on 31 August, a move that ultimately won the board's unanimous recommendation.
CVC said it was "grateful for the constructive engagement shown by the Bodycote Board and management team" and thanked them for their time in considering the potential transaction.
The Veritas-backed acquisition remains subject to shareholder and court approval alongside competition clearances, with completion still expected in the first quarter of 2027.