12th Aug 2021 19:59
(Alliance News) - TransDigm Group Inc on Thursday confirmed it has made an approach to acquire FTSE 250-listed Meggitt PLC.
On Wednesday, aerospace and defence components maker Meggitt said it was considering a new takeover proposal from TransDigm, which values the company at GBP7.03 billion.
The 900 pence per share cash offer by the Cleveland, Ohio-headquartered aerospace manufacturer was made on Tuesday.
Meggitt shares closed 1.5% lower at 818.00p each in London on Thursday. The stock had surged 16% on Wednesday.
TransDigm said on Thursday: "There can be no certainty that an offer will be made, nor as to the terms on which any such offer might be made. TransDigm reserves the right to introduce other forms of consideration and/or vary the mix or composition of consideration of any offer."
On August 2 Meggitt said it had accepted an 800p per share or GBP6.3 billion takeover offer from Parker-Hannifin Corp. Meggitt made clear that its directors continued to "recommend unanimously" to shareholders the offer by Parker announced last week.
Parker makes engineered products for the aerospace, automotive and manufacturing industries.
By Eric Cunha; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
MGGT.L