July 23 (Reuters) - Ultra Electronics ULE.L said on Friday British aerospace and defense company Cobham Limited has offered to buy the engineering group in a deal valued at about 2.58 billion pounds ($3.55 billion).
The proposal from Cobham, owned by U.S. private equity firm Advent International, is for 35 pounds per share in cash, with shareholders also entitled to the interim dividend of 16.2 pence apiece, Ultra said.
Ultra Electronics said it could recommend the proposal, which represents an about 42% premium to last close, to its shareholders.
($1 = 0.7271 pounds)
(Reporting by Yadarisa Shabong in Bengaluru; Editing by Arun Koyyur and Shailesh Kuber)
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