Defence giant Cobham agrees £4bn US private equity takeover

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The group, which makes air-to-air refuelling and communications systems for the military, has faced difficulties in recent years.

US private equity firm Advent International has won its battle to buy defence and aerospace group Cobham for $5bn , joining a growing list of overseas suitors taking advantage of the weak pound to pick up highly-rated British companies.

Cobham chairman Jamie Pike told a shareholder meeting on Monday that management had"pushed as hard as they could push" and engaged in some"arm wrestling" before finally settling on a price that marked a 50% premium to the three-month average share price before the deal was announced. The deal was agreed at 165p per share, in the latest of a series of British buyouts in as private equity firms seek new targets for their bumper cash balances.The takeover was supported by 93.22% of shareholder votes.Cobham, based in Wimborne Minster, Dorset, is latest European company to be bought by a private equityThe group, which employs 10,000 people to make its pioneering air-to-air refuelling system and communications for military vehicles, has faced difficulties in recent years.

 

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Embarrassing! Need to keep these top British companies British!

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