"Reuters News" June 5 (Reuters) - Apollo Global Management (APO.N), opens new tab and Britain's Bodycote (BOY.L), opens new tab have ended talks over a £1.52 billion ($2 billion) takeover proposal, the groups said on Friday, sending shares of the British thermal processing services group down as much as 12%.

The ​U.S.-based alternative asset manager had submitted a conditional all-cash bid to Bodycote two weeks ago ​following several previous approaches, sending its shares surging as the 885 pence per ⁠share offer was at a nearly 27% premium to the closing price before the bid was ​disclosed.

Despite losses which were the biggest on the FTSE 250 (.FTMC), opens new tab on Friday, Bodycote shares are up ​about 9% for the year.

Several UK- and Irish-listed companies have in recent years attracted interest from overseas buyers for their relatively cheap valuations. However, global markets have been rattled by the Iran war, prompting businesses to try to conserve ​cash.

Apollo said on Friday it did not intend to make a firm offer for Bodycote, giving ​no reason for the decision.

It will now be restricted from making another approach for six months under British ‌takeover ⁠rules, apart from under some specific conditions.

"Apollo continues to hold Bodycote and its management team in high regard, is appreciative of the discussions with them and Bodycote's board of directors and would like to thank them for their time and consideration of the proposal," it said in a statement.

Bodycote ​said separately that it ​was no longer in ⁠an offer period and was confident of its strategy.

"The Board of Bodycote has strong confidence in Bodycote's potential and its strategy to create a ​high-performing, resilient business with attractive growth prospects."

The company provides heat treatment and ​other metal ⁠processing services to improve the performance and durability of metal components used in industrial sectors including aerospace, defence, automotive and energy.

Last week, Bodycote maintained its full-year 2026 guidance, adding that it remained mindful of ⁠ongoing geopolitical ​uncertainty and would continue to tightly manage costs."