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US aerospace group steps aside in battle for UK peer London, Sept 7 (AFP) Sep 07, 2021 US aerospace parts manufacturer TransDigm on Tuesday decided against a higher counter bid for British peer Meggitt, paving the way for Parker-Hannifin Corporation to complete a multi-billion-dollar takeover. TransDigm on August 11 said it was looking at formally bidding pound7.0 billion ($9.5 billion, 8.2 billion euros) for Meggitt. The previous week, Parker-Hannifin Corporation -- a US company specialising in aerospace technologies -- announced a deal to buy Meggitt for pound6.3 billion. In a statement Tuesday, Meggitt said it would "continue to recommend unanimously the offer by Parker" to its shareholders after TransDigm revealed it did "not intend to make a firm offer". Parker has meanwhile pledged a number of legally binding commitments to the UK government regarding its cash deal, such as ensuring that Meggitt meets current contractual obligations to the state. It comes as Britain has ordered a probe into the takeover of UK defence technology firm Ultra Electronics by US-owned Cobham in order to assess risks to national security. |
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