Senior, the aerospace and defence company, has become the latest British company to attract the attentions of a private equity buyer.
Shares in the FTSE 250 group soared on Friday after US-based Lone Star Global Acquisitions revealed that the company had rejected an all-cash takeover proposal valuing Senior at £738m.
Lone Star’s investment vehicle, LSF XI Investments, said that it had made a third proposal of 176p a share on May 20. Shares in Senior jumped 33 per cent to 157p, valuing the company at £660m.
LSF XI said in a statement that it was “considering its position” and that there can be “no certainty” any further offers will be made. It has until June 25 to decide whether to make another offer or to drop its plans according to London Stock Exchange rules.
Source: Financial Times
By Sylvia Pfeifer
