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Senior Faces Takeover Bids Amid Defence Sector Fears
28 Feb
Summary
- Aircraft parts maker Senior has received multiple takeover offers.
- US private equity firm Advent International is considering an offer.
- Senior rejected an initial bid for undervaluing the business.
Shares in aircraft parts maker Senior experienced a significant surge recently due to the revelation of multiple takeover offers. US private equity firm Advent International has confirmed it is considering making an offer for the company, which is currently in discussions with several potential buyers.
Senior has disclosed that it received five takeover proposals in recent months. An initial bid in January was rejected for undervaluing the business. However, this bidder later presented two higher offers this month, which were also turned down. Subsequently, Senior engaged investment banks to explore discussions with a limited number of third parties, resulting in two further, superior all-cash proposals.
This development raises concerns about Senior becoming the latest defence firm to be acquired by foreign entities, following the precedents set by Cobham's acquisition by Advent International in 2020 and Meggitt's sale to Parker-Hannifin Corporation in 2022.
