Senior Receives Improved $1.2 Billion Final Lone Star Offer
(Bloomberg) -- Senior Plc, a U.K. supplier of aerospace parts to Boeing Co. and Rolls-Royce Holdings Plc, received an improved possible cash offer from Lone Star Funds of 200 pence a share.
The bid is Lone Star’s fifth and final proposal, the private equity firm said in a statement on Monday. It values Senior at 838.8 million pounds ($1.2 billion) and represents a premium of about 32% to Friday’s closing share price, according to Bloomberg calculations.
Senior rejected the previous offer of 185 pence a share earlier this month, Lone Star said, adding the move is subject to due diligence. The stock traded 17% higher to 177 pence as of 9:28 a.m. in London.
Senior makes products including fuel systems, structural parts and turbine engine components for the aerospace and defense industries, with its biggest customers also including Lockheed Martin Corp. and Airbus SE.
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