TransDigm Group (NYSE: TDG) has decided not to pursue a firm offer for U.K.-based aerospace company Meggitt, citing the “quite limited due diligence information that was made available.”
TransDigm Chairman W. Nicholas Howley said in a statement Tuesday that the company had made efforts to advance a potential deal, such as arranging the needed financing for the transaction and reaching a memorandum of understanding with Meggitt’s pension plan trustees.
“However, consistent with our disciplined approach to capital allocation, we make acquisitions only when we see a clear path to achieving our investment return goals with a reasonable degree of certainty,” Howley added.
In August, TransDigm made an unsolicited bid to acquire Meggitt for 900 pence in cash per share.
TransDigm’s 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.