Source: MSN
Senior looks set to become the latest London-listed firm to fall into foreign hands after backing a £1.4billion takeover bid.
The board of the aerospace and defence supplier accepted a joint offer from US investment firms Tinicum and Blackstone worth 300p a share.
The proposed takeover of the FTSE 250 group is just the latest to be agreed by London-listed firms this year – fuelling fears foreign predators are snapping up British companies on the cheap.
Two-century-old City institution Schroders has agreed to be bought by US rival Nuveen for £9.9billion, while Lloyd’s of London underwriter Beazley has backed an £8.1billion takeover by Zurich Insurance.
The takeover of Senior is likely to raise eyebrows at a time when countries around the world are ramping up defence spending amid war in Ukraine and conflict in the Middle East.
Senior supplies the defence, aerospace and energy sectors with high-tech components and systems, specialising in ducts and valves to control fuel consumption.
US defence giant Lockheed Martin is among its customers.
Senior’s chairman Ian King said the bid ‘recognises the attractiveness of Senior’. He added that it ‘represents an opportunity for Senior shareholders to release an immediate cash value at an attractive valuation’.
Senior shares – which were already up more than 40 per cent this year – gained 0.5 per cent yesterday.
