Advent International has revealed details of a takeover proposal for UK aerospace engineering firm Senior that valued the company at approximately £1.14bn ($1.52bn), following the rejection of its approach, according to a report by Reuters.
The US private equity firm proposed an offer of 270 pence per share in cash, alongside the right for shareholders to retain a final dividend for the 2025 financial year of up to 2 pence per share. The proposal implied a total value of 272 pence per share.
Advent’s approach represented a 5.6% premium to Senior’s closing share price on 26 February, the day before the firm made the approach. It confirmed it remains interested in the company and has until 27 March to decide whether to make a firm offer under UK takeover rules.
Senior, which supplies aircraft components to Airbus and Boeing, said in February that it had received five takeover proposals. At the time, three bidders were identified: Advent, a consortium including Tinicum and Blackstone, and Arcline Investment Management.
