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British aerospace manufacturers Ultra Electronics and Meggitt have both taken a step towards the exit from the FTSE 250 on Monday as US money looked likely to take over two venerable companies.
Ultra, which makes parts for fighter jets as well as submarine-hunting sonobuoys, on Monday announced that it had agreed a takeover by Cobham, the aerospace manufacturer owned by US private equity firm Advent International. The deal values Ultra’s shares at £2.6bn.
Meggitt, which makes parts including wheels, brakes and fire suppression systems for military and civilian jets pushed ahead with an agreed takeover by US manufacturer Parker Hannifin, publishing offer documents on Monday without waiting for details of a possible rival bid from TransDigm, another US aerospace company. TransDigm’s has said it is considering a 900p-per-share bid to Parker’s agreed 800p deal.
The two deals would together mark an extraordinary period in the British stock market for aerospace…
