August 02, 2021 | Defence | Europe | Ended
On 2-Aug-21, US engineering group Parker-Hannifin agreed to acquire Meggitt in a £6.3bn all-cash deal at a 70.5% premium to the target’s undisturbed price on 30-Jul-21. The deal is structured as a UK scheme of arrangement and, accordingly, will require approval from shareholders at an EGM (75% of the votes cast) and Court Meeting (75% of the scheme shares). The scheme document is expected to be posted within 28 days from announcement, by 30-Aug-21, and Parker will fund the cash consideration from its own cash on hand and new debt issuances. Meggitt’s Board supports the takeover and certain Meggitt ...
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