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UK Sonar Expert Ultra, Lean Towards Cobham Takeover Bid

Ultra Electronics Holdings Plc, Cobham said it was close to buying 2.58 billion pounds ($3.55 billion) from and was inclined to accept an offer to merge the two British defense and aerospace electronics makers.

On Friday, the ultra announced that it would be joining U.S. private equity firm Advent International Corp.shares jumped to a record high after Cobham, which is owned by, announced it had made a non-binding offer of £ 35 per share . The offer is 42% higher than Ultra's closing price on Thursday.

Ultra's board is considering recommending the offer to shareholders, he said. Cobham indicated to the board that he was prepared to offer “appropriate commitments in terms of national security” to the UK government.

Shares in London-based ultra rose as much as 34 per cent to £ 33.10 in London.

Ultra said on Friday that the first offer for the business from Cobham was made on June 29 at £ 28 per share. The latest offer, along with an interim dividend that Ultra shareholders will be entitled to, equates to a value of about £ 2.58 bn, he said.


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