16th Aug 2021 09:15
(Alliance News) - Meggitt PLC on Monday said it continues to recommend Parker-Hannifin Corp's takeover offer over the approach of rival TransDigm Group Inc, which has until next month to decide if it will make a firm offer.
The board of the Coventry, England-based aerospace components maker continues to "recommend unanimously" Parker's 800 pence-per-share offer, worth about GBP6.3 billion, with a court and general meeting set for September 21 for shareholders to decide on the deal.
That's even after TransDigm made a possible offer of 900p per share. The Cleveland, Ohio-based peer on Monday was given a deadline of September 14 by the UK Takeover Panel to decide if it will make a firm offer or walk away from the deal.
Shares in Meggitt were down 0.4% to 815.48p in London on Monday morning.
Although TransDigm's proposal is worth more, Meggitt last Thursday said it would only consider a competing offer if it includes commitments at least equal to those offered by Parker - including honouring UK government contracts, maintaining the UK business structure and workforce, and funding Meggitt's pension schemes.
By Ivan Edwards; [email protected]
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