The board of the Oxford-based automotive thermal and fluid-systems maker has approved the all-cash offer from Toronto’s ABC Technologies Holdings, saying in a filing the combined company will have a larger global presence, complementary products and a more diverse customer base. (The Logic)

Talking point: The approval came on the final day of a deadline set by TI Fluid, which had previously rejected multiple bids from ABC, which is majority-owned by alternative investment firm Apollo Global Management, Bloomberg reported. TI Fluid’s directors said the acquisition offers shareholders an “immediate and certain cash value today,” rather than waiting for the company to execute its long-term strategy. Private equity firm Bain Capital, TI Fluid’s largest shareholder, has been selling down its stake since the company went public in 2017. The company’s stock closed up about 1.6 per cent Friday. Lazard acted as lead financial adviser to ABC, and Citi, TD Securities and Scotiabank also acted as financial advisers.