Apollo Decides Against Making Firm Offer for UK’s Bodycote (1)

Apollo Global Management said it doesn’t plan to make a firm offer for Bodycote Plc, having previously considered a takeover bid for the British industrial heat treatment specialist worth about £1.5 billion ($2 billion).

The US investment firm didn’t provide a reason for its decision to walk away, which sent Bodycote shares down as much as 12% in early trading in London on Friday.

Apollo’s pursuit of Bodycote was part of a wave of recent interest in UK companies, including asset manager Schroders Plc agreeing to a US takeover this year. Others such as ingredients maker Tate & Lyle ...