Oxford's TI Fluid Systems minded to recommend Canadian offer to shareholders

Oxford-based TI Fluid Systems, which designs and manufactures automotive fluid storage, carrying and delivery systems from 98 manufacturing locations across 27 countries, has said it is minded to recommend an improved offer from Canadian automotive systems and components manufacturers ABC Technologies Inc.

The new offer is for 200 pence per share. In a statement TI Fluid Systems said: "The company remains confident in its strategy. However, having considered the Proposal and having consulted with its financial and legal advisers, the Board has confirmed to ABC Technologies that, should a firm offer be made pursuant to Rule 2.7 of the Code on the same financial terms as the Proposal, it would be minded to recommend it to shareholders."

Its mission is to design, develop and manufacture industry-leading products and technologies that enable our customers to produce greener vehicles for a cleaner environment.

TI Fluid systems employs more than 25,600 employees across 28 countries, and last year reported revenues of more than £3,5 billion.