Deals
Advent's $5 Billion Cobham Deal Opposed by Largest Shareholder
- Agreed price is 34% premium for U.K. aerospace company
- Cobham also starts review of Australia aviation services
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Cobham Plc’s largest shareholder is opposing a deal in which the U.K. defense and aerospace company agreed to sell itself to U.S. buyout firm Advent International Corp. for about 4 billion pounds ($5 billion).
Cobham could fetch a higher price after having repaired its balance sheet and made a “broad-ranging improvement” that will pay off over the next few years, Silchester International Investors LLP, which owns about 12%, said by email. The weak U.K. currency as well as Cobham’s U.S. operations make it a compelling target for a buyer “with significant North American interests,” the London-based fund said.