Shares in aircraft parts maker Senior surged yesterday as it revealed multiple takeover offers, sparking fears it could be the next defence firm to fall into foreign hands.
US private equity firm Advent International confirmed it was considering throwing its hat into the ring for Senior, which is speaking to several possible buyers.
Senior confirmed takeover chatter and said it had received two offers and discussions were ‘ongoing’. It means that Senior could follow in the footsteps of British aerospace rivals that have been plucked off the London stock market in recent years.
Advent bought Cobham for £4billion in 2020 and Meggitt was sold to the Parker-Hannifin Corporation in 2022. Senior said it had received five takeover proposals in recent months, beginning with a bid in January that it rejected for ‘fundamentally undervaluing’ the business.
Centre of attention: Shares in aircraft parts maker Senior surged as it revealed multiple takeover offers
This bidder made two higher offers this month, which were subsequently batted away.
Then the firm hired investment banks to kick-start talks with a ‘limited number of third parties’ to see how much it would be worth. This has resulted in two ‘further, superior all-cash proposals’.
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