Deals
TransDigm Enters Bidding for U.K. Defense Supplier Meggitt
- New bid is about 13% higher than earlier Parker-Hannifin offer
- Meggitt shares jump as much as 18% on unsolicited proposal
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TransDigm Group Inc. joined in the bidding for Meggitt Plc, making a surprise counter-offer well above an earlier proposal intended to discourage challengers for the U.K. manufacturer of airplane components.
Shares of Meggitt, a Coventry, England-based aerospace and defense supplier, surged to a record Wednesday on the preliminary, non-binding offer of 900 pence a share. The approach is about 13% higher than the 6.3 billion-pound ($8.7 billion) offer from TransDigm’s Cleveland rival, Parker-Hannifin Corp., that Meggitt’s board said earlier this month it planned to recommend.