9th Sep 2022 12:29
(Alliance News) - Meggit PLC on Friday said its planned takeover by Parker-Hannifin Corp has been sanctioned by a UK court.
In August 2021, the Coventry, England-based aerospace components accepted a GBP6.3 billion takeover offer from Parker-Hannifin. The Cleveland, Ohio-based company makes engineered products for the aerospace, automotive and manufacturing industries.
Meggitt added it has applied for its shares to be suspended from London's Main Market from Wednesday.
The takeover "remains conditional on delivery of the court order to the Registrar of Companies" Meggitt said, which is expected to occur on Monday.
"Subject to and upon the scheme becoming effective, all of the Meggitt directors intend to resign from their office as a director of Meggitt. A further announcement will be made when the scheme has become effective," Meggitt said.
The FTSE Russell confirmed on Thursday that Maidenhead-based retailer Frasers Group PLC will take Meggitt's place in the FTSE 100.
Meggitt shares were flat at 798.60 pence each in London on Friday around midday.
By Tom Budszus; [email protected]
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