25th Jun 2021 18:31
(Alliance News) - Ultra Electronics Holdings PLC late Friday said it has terminated talks regarding a possible combination with Cobham Ltd.
Earlier on Friday, former FTSE 250 member Cobham, which is controlled by Advent International Corp, said it is mulling a potential takeover offer for Ultra, with a view to create a "global defence electronics champion".
The London-based firm confirmed that it was at the very early stages of exploratory discussions around a possible combination of some or all of its Intelligence & Communications Strategic business unit and entities within Cobham's CAES group.
These discussions have now been terminated by Ultra, the company said in its statement Friday.
Ultra also confirmed that it has not received a proposal from Advent, Cobham or CAES.
Ultra shares closed 6.7% higher in London on Friday at 2,300.00 pence each.
By Evelina Grecenko; [email protected]
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