Hello, Guest!

TransDigm Withdraws Bid for Meggitt; Nicholas Howley Quoted

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.

Video of the Day

GovCon Wire Logo

Sign Up Now! GovCon Wire provides you with Daily Updates and News Briefings about M&A Activity

Related Articles