TI Fluid Systems said it received a revised all-cash proposal from ABC Technologies valued at 994 million pounds ($1.30 billion), and that it would recommend the deal to shareholders if a firm offer is made.

TI Fluid Systems said Toronto-based ABC Technologies had made three further takeover approaches, culminating in a 200 pence per share cash proposal, submitted last Thursday. A bid at that level would value TI at around GBP993 million. Two other proposals at 188p and 198p per share were rejected.