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Cobham launches £2.6bn bid for rival Ultra Electronics.

July 23, 2021 by

23 Jul 21. The FT reported today that Cobham, the private-equity backed UK aerospace and defence group, has launched a £2.6bn takeover bid for listed peer Ultra Electronics. Ultra said that Cobham, which was bought last year by US buyout fund Advent International, had pitched its offer at £35 per share in cash with shareholders also entitled to the interim dividend of 16.2p apiece. The price represents a 42 per cent premium to Ultra’s closing value on Thursday and a 63.1 per cent premium to the undisturbed price. “Having considered the proposal, the board has indicated to Cobham that it is at a value the board would be minded to recommend to Ultra shareholders, subject to consideration and satisfactory resolution of other terms and arrangements, including the establishment of safeguards for the interests of Ultra’s stakeholder groups,” Ultra said. “In relation to this, Cobham has indicated to the board that it is minded to offer the UK government appropriate undertakings in respect of national security.” Cobham had said last month it was considering a bid for Ultra to create a “global defence electronics champion”. Ultra had fired back with a strongly-worded statement saying it had received no proposal from its suitor.

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