Defense and aviation technology giant Meggit has agreed a በአ 6.3 billion deal with US-based Parker-Hanifine.
FTSE 250 has announced that it has launched the American engineering giant Megagit for 800p at a single price.
He said the move, which was at 469.1p on Friday, represents a 70% premium on the company’s stock price.
Parker-Hanifine Chairman and CEO Tom Williams said: “We are committed to being a steward and we are pleased to have the full support of the Megit Board.
We fully understand these responsibilities and are making a number of strong decisions that reflect them.
During our long stay in the UK, we have great respect for Megit, her heritage and her place in the British industry.
“Megit is one of the world’s largest aviation, defense and energy businesses, with a strong portfolio of technology and manufacturing capabilities, leading the market and a significant intellectual property,” said Megigit chairman Sir Nigel Rudd.
While Megigit is currently pursuing a strong, independent strategy that will provide value to shareholders in the long run, Parker’s supply will provide an opportunity to significantly accelerate and make these plans more affordable, and will continue to deliver them to shareholders.
Chief Executive Officer Tony Wood said: “The combination of the Meggit and Parker businesses will be of great benefit to the United Kingdom by providing the technology, products and capabilities and the leading aircraft in the Parker.
The offer from Parker is a testament to the work that has been done in recent years to transform the Gigabit Group, and the combined team will increase opportunities for future growth and profitability, which will enable us to continue investing in ourselves. People, products and services for customers around the world for years. ”
Meggit Cobham is the second British defense firm in recent weeks to be targeted by a US-backed company following the bid for Alt Electronics.
Cobham said he would provide “appropriate national security services” to the UK government.
Meggit employs more than 9,000 people in 14 countries in three major divisions.