Hints and tips:
...Meggitt’s shares were up 3.2p — 0.41 per cent — to 792.2p in mid-morning in London....
...Their conquests have included Cobham, an in-flight refuelling expert, sonar buoys expert Ultra Electronics and Meggitt, which was something of a ragbag of assets....
...plc by the US corporation Parker Hannifin (Report, June 24)....
...The British government has opened a formal investigation into the planned £6.3bn takeover of Meggitt, the aerospace and defence group, by a US rival, citing national security concerns....
...Meggitt said pre-tax profits for the year to the end of December were £31.3mn, up from a loss of £334mn the year before. Revenues were down 12 per cent to £1.49bn....
...Meggitt is one of the few independent British aerospace suppliers. Its customers include Airbus, BAE and Boeing....
...It is almost double Meggitt’s undisturbed three-month value and over 24 times prospective ebitda....
...“We are right now the only firm offer on the table, recommended by the Meggitt board,” he said....
...“The issue around Meggitt is much less real than that around Ultra and Cobham,” Cunningham said. “I don’t think there’s brilliant grounds for blocking either Parker or TransDigm from buying Meggitt.”...
...Shares in Meggitt fell 12 per cent to 737.29p by the close of trade in London on Tuesday....
...TransDigm has given the strongest indication yet that it intends to make a formal bid for UK aerospace and defence group Meggitt, which has already agreed a deal with a rival US engineer....
...Parker Hannifin’s and Meggitt’s respective financial and corporate broking advisers — Citi for the US group and Morgan Stanley, Bank of America Securities and Rothschild & Co for Meggitt — stand to share...
...Meggitt and Parker are both on the second and third tiers of the global aerospace supply chain....
...Industry executives whose names have been linked with the job include Tony Wood, the former head of Rolls-Royce’s civil aerospace business and current head of Meggitt, as well as Graham Chipchase, the boss...
...Sir Nigel Rudd, chair of Meggitt, said: “The board of Meggitt is confident that Parker will be a responsible steward of Meggitt and unanimously recommends Parker’s offer.”...
...Tony Wood, the head of Meggitt, which is being taken over by America’s Parker Hannifin, is understood to be a contender. Wood used to be head of the civil aerospace business at Rolls-Royce....
...Aerospace and defence groups Meggitt and Ultra Electronics are both in the process of being taken over by US companies....
...If it plans to flip Meggitt, then that too should raise a red flag. Advent knows the process, at least....
...Takeover interest for defence company Meggitt is being “closely” monitored....
...In the past three months, takeover proposals worth almost £10bn on a combined basis have been made for three British defence companies: Ultra Electronics, Meggitt and Senior....
...Briefly Meggitt, the aerospace engineer, warned that supply chain issues and weakening defence markets were putting pressure on revenue and profit....
...While the proposed buyout deals for supermarket Wm Morrison and aerospace and defence groups Ultra Electronics and Meggitt have sparked concerns among UK government officials, the sale of Minnesota-based...
...The government has until now only said it is “monitoring” the Ultra takeover, as well as that of rival Meggitt by a US industrial group, although Kwasi Kwarteng, business secretary, is said to be taking...
...One thing to start: Advisers including Citibank, Morgan Stanley and Rothschild & Co are set to make more than £200m in fees if the £6.3bn takeover of Britain’s aerospace and defence contractor Meggitt is...
...Mr Wood rejected speculation that Meggitt would need to raise new equity in the near future....
International Edition