28th Jul 2019 10:08
(Alliance News) - Meggitt PLC is considering bidding against an American private equity firm for fellow UK defence contractor Cobham PLC, according to The Mail on Sunday.
The Mail, citing City sources, said aerospace and defence parts manufacturer Meggitt is in the early stages of evaluating whether it should submit a rival offer for Cobham, consulting with investment bankers Morgan Stanley.
Meggitt declined to comment, The Mail said, but added that a person close to the company insisted that the company is "not interested" in launching a rival offer.
https://www.thisismoney.co.uk/money/markets/article-7292947/Call-probe-American-predator-targets-4bn-defence-firm-Cobham.html
Cobham on Thursday said it had reached agreement with an indirect subsidiary of funds managed by US private equity firm Advent International Corp for a takeover deal that values the London-listed aerospace and defence firm at GBP4.0 billion.
Advent has agreed to pay 165 pence in cash per Cobham share. This represents a 34% premium to Cobham's closing price of 122.90p on Wednesday last week. Cobham shares closed at 167.80p on Friday, giving it a market capitalisation of GBP4.01 billion, compared to Meggitt's GBP4.58 billion.
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CobhamMGGT.L