ABC made an initial proposal of 165p a share on August 22 and a revised 176p-a-share offer on September 4 – a 20.7% premium to TI Fluid’s closing price on September 13. In response TI Fluid said the bid “significantly undervalued” the company and its prospects.

Under UK takeover laws ABC has until 1700 BST on October 12 to make a firm bid or walk away.

Reporting by Frank Prenesti for Sharecast.com