Lone Star Global Acquisitions, Ltd. cancelled the acquisition of Senior plc.
June 21, 2021
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Lone Star Global Acquisitions, Ltd. made a preliminary conditional proposal to acquire Senior plc (LSE:SNR) for approximately £740 million on May 20, 2021. Pursuant to the terms of the proposal, Lone Star Global Acquisitions, Ltd. will acquire all the issued and outstanding shares in Senior plc at £1.76 per share. On June 14, 2021, Lone Star made bid of £1.85 per share. On June 21, 201 Lone Star made a fifth and final proposal of £2 per share.There can be no certainty that an offer will be made. Lone Star Global Acquisitions, Ltd., is required, by no later than June 25, 2021, being 28 days after today's date, to either announce a firm intention to make an offer for Senior plc in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline can be extended with the consent of the Panel on Takeovers and Mergers in accordance with Rule 2.6(c) of the Code. On May 21, 2021, the Board of Directors of Senior plc unanimously rejected the proposal as it fundamentally undervalued Senior and its future prospects. On June 15, 2021, the bid got rejected.by the Board of Senior. The final proposal is subject to a number of customary pre-conditions, including the satisfactory completion of due diligence. As required by Rule 2.6(a) of the Code, Lone Star must, by not later than on June 25, 2021, either announce a firm intention to make an offer in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline may be extended with the consent of the Panel on Takeovers and Mergers in accordance with Rule 2.6(c) of the Code. Richard Shaw and Louise Campbell of Lazard & Co., Limited acted as financial advisors to Senior plc and Chris Emmerson of Goldman Sachs International acted as financial advisor to Lone Star Global Acquisitions, Ltd. Paul Mudie of Slaughter and May acted as legal advisor to Senior plc.
Lone Star Global Acquisitions, Ltd. cancelled the acquisition of Senior plc (LSE:SNR) on June 22, 2021. As on June 22, 2021, the Board unanimously rejected this fifth and final proposal. As per Board the offer continues to fundamentally undervalue Senior and its future prospects.
Senior plc is an international engineering and manufacturing group with operations in 12 countries. The Company is a manufacturer of high technology components and systems. It designs and manufactures high technology components and systems for the principal original equipment manufacturers in the world aerospace and defense, land vehicle, and power and energy markets. Its divisions include Aerospace and Flexonics. Aerospace divisionâs portfolio spans a range of fluid conveyance and thermal management components and sub-systems, as well as complex structural parts and assemblies, for fixed-wing and rotary aircraft, aero-engines, spacecraft, and a variety of other industrial applications. Flexonics divisionâs portfolio spans a range of fluid conveyance and thermal management components and sub-systems, as well as complex precision-machined parts, for conventional and advanced land vehicle propulsion systems, petrochemical, renewable energy, and a variety of other industrial applications.
SENIOR PLC 
