Senior, the aerospace and defence group, has rejected a final takeover offer from US private equity firm Lone Star Global Acquisitions, describing it as “highly opportunistic”.

Lone Star’s investment vehicle, LSF XI Investments, on Monday raised its proposed offer for the UK group to £840m. It said it had offered a fifth and final proposal at 200p a share after Senior rejected a previously undisclosed fourth offer at 185p last week.

Lone Star first went public with its pursuit of Senior at the end of last month after offering a third proposal at 176p a share on May 20.

It had until this Friday to make a firm offer or walk away under London Stock Exchange rules.

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Source: Financial Times

By Sylvia Pfeifer