British defence technology firm Meggitt has published its scheme documents for a recommended £6.3bn takeover by Parker, just five days after it received a proposal for a potentially higher bid from US rival Transdigm.
Meggitt said its takeover panel will announce a deadline by which TransDigm must clarify its intentions in relation to its offer, and a meeting to vote on Parker’s offer is set for September 21.
The FTSE 250 firm also said it expects the acquisition to become effective during the third quarter of 2022.
The British engineering firm’s shares rocketed nearly 60 per cent on the London Stock Exchange the morning after US tech firm Parker tabled some £6.3bn for the firm a fortnight ago.
Meggitt chairman Sir Nigel Rudd this weekend said that the government has to be prepared to intervene in a takeover battle for the company to guarantee a commitment on future investment and jobs.
