Meggitt shares closed 12.1 per cent down today after one of the firms battling to takeover the aerospace company pulled out of the race.
This afternoon US engineer
Last month the
Even though Meggitt’s board had already agreed to Parker’s offer, it said that it would review the new, improved deal.
But today
He added that the due diligence available was “quite limited”. It had until 14 September to issue a firm offer for Meggitt.
In response, the
“Meggitt engaged on a constructive basis with
The decision to pullout clears the way for Parker to complete its takeover. A general meeting to vote on the deal will follow on 21 September.
On a number of other issues, Howley said that
“We reached a memorandum of understanding with the Meggitt Pension Plan trustees, arranged the necessary financing for the acquisition which we anticipated would position us roughly in the range of leverage levels that we have used historically for larger acquisitions, and communicated our willingness to make commitments to HM Government comparable to those offered by the other bidder for Meggitt.
“However, consistent with our disciplined approach to capital allocation, we make acquisitions only when we see a clear path to achieving our investment return goals with a reasonable degree of certainty.”
The bidding war for Meggitt had raised national security fears in the
It is the latest in a string of high-profile takeover swoops by American firms for
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The post Meggitt shares plunge as
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