Companies
ULE

Cobham makes $3.55 billion bid to buy Ultra Electronics

Credit: REUTERS/Benoit Tessier

Ultra Electronics 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).

Adds detail

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)

((Yadarisa.Shabong@thomsonreuters.com; Twitter: https://twitter.com/Yadarisa; +919742735150;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

ULE

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More