Senior Plc, the British aerospace component manufacturer, has received a non-binding cash offer from a consortium led by private investment major Blackstone, with Tinicum Inc as a partner, the company confirmed on Tuesday, according to a report by Bloomberg.
The bid, first submitted on 20 February, follows a surge in Senior’s shares after it disclosed ongoing discussions with potential buyers. The company, valued at roughly £1.2bn ($1.6bn), said talks with the Blackstone consortium and other interested parties are continuing, though there is no guarantee a formal offer will be made. The consortium has until 31 March to announce whether it will proceed with a firm bid.
Senior supplies parts to major aircraft manufacturers, including Airbus SE and Boeing, both of which are scaling production to meet record airline orders. Suppliers are under pressure to boost output amid ongoing supply chain disruptions stemming from the pandemic.
Tinicum manages a portfolio of industrial, manufacturing, distribution and infrastructure companies, including AeroFlow Technologies, which produces ducts and tubes for aerospace and defence markets in the US, UK, and France.
