Ultra Electronics Holdings Plc received a 2.58 billion-pound ($3.55 billion) buyout approach from Cobham Ltd. and said it’s inclined to accept the bid to unite the two British manufacturers of defense and aerospace electronics.
The shares jumped the most on record after Ultra said Friday that Cobham, owned by U.S. private-equity firm Advent International Corp., made a non-binding offer of 35 pounds per share. The offer is 42% higher than Ultra’s closing price on Thursday.
Ultra said its board is minded to recommend the offer to shareholders, after receiving assurances that Cobham is prepared to offer the U.K. government “appropriate undertakings in respect of national security.”
Source: Bloomberg
By Charlotte Ryan
