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Meggitt Gets Unsolicited Bid From TransDigm

U.K.-based aerospace company Meggitt has received an unsolicited offer from TransDigm Group (NYSE: TDG) to acquire Meggitt for 900 pence in cash per share, or approximately $9.74 billion, Reuters reported Wednesday.

The offer came a week after Parker-Hannifin (NYSE: PH), a Cleveland-based provider of motion and control technologies for aerospace and industrial markets, agreed to buy Meggitt for 800 pence in cash per share, or about 6.3 billion pounds.

Meggitt said its board is reviewing TransDigm’s proposal and will consider the latter’s plans for the U.K. company and the potential impact on employees, pension schemes and clients.

TransDigm is a Cleveland-based manufacturer of engineered aerospace components.

Meggitt noted that its directors continue to recommend to shareholders its agreement with Parker and that it will seek permission to hold a shareholder meeting to consider Parker’s offer and implement the transaction.

“The Board of Meggitt believes Parker’s offer continues to represent an attractive proposition for Meggitt’s shareholders and for its broader stakeholders,” the British company said.

Reuters reported that Meggitt has over 9,000 employees across aerospace, defense and energy sectors in 14 countries.

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