Senior Plc accepts 1.4 billion pound takeover offer
Senior Plc agreed to a 1.4 billion pound takeover by Tinicum and Blackstone. The 300 pence per share offer will be recommended to its shareholders this week.
The aerospace and defense supplier SENIOR PLC has reached an agreement to be acquired by a consortium comprising investment firms Tinicum and BLACKSTONE INC. The deal values the United Kingdom-based company at approximately £1.4 billion ($1.85 billion), with an offer price of 300 pence per share in cash. This valuation represents a 2.8% premium over the firm's most recent closing price.
The board of the Hertfordshire-headquartered firm, which had a market value of £1.21 billion as of Tuesday, has confirmed it will recommend the proposal to its shareholders. The agreement follows a period of acquisition discussions with several private equity firms from the United States. The company recently saw the private equity group Arcline end its pursuit without disclosing a specific reason, while a previous £1.14 billion proposal from Advent was rejected by the board nearly a month ago.
