March 5 (Reuters) - U.S. private equity firm Advent International has disclosed its rejected takeover proposal for British aerospace engineering firm Senior Plc valuing the company at approximately
Advent's $1.52 Billion Takeover Bid for Senior Plc Rejected
Overview of the Rejected Takeover Proposal
Details of Advent International's Offer
March 5 (Reuters) - U.S. private equity firm Advent International has disclosed its rejected takeover proposal for British aerospace engineering firm Senior Plc valuing the company at approximately 1.14 billion pounds ($1.52 billion), or 272 pence per share.
The proposal was for 270 pence per share in cash, plus the right for shareholders to retain a final dividend for fiscal 2025 of up to 2 pence.
Advent's offer represents a 5.6% premium to Senior's closing price on Feb. 26, the day before Advent made the approach.
Advent's Position and Timeline
Advent confirmed it was among the parties interested in Senior and has until March 27 to decide whether to make a firm offer under UK takeover rules.
Competing Bidders and Market Context
Other Interested Parties
Senior, an aircraft parts supplier to Boeing and Airbus, said in February it had received five proposals.
Three bidders were identified at the time, Advent, Tinicum-Blackstone and Arcline Investment Management.
Disclosure of Bid Values
Senior and the other bidders have not yet disclosed the value of the bids.
Additional Information
($1 = 0.7502 pounds)
(Reporting by Sri Hari NS and Aatrayee Chatterjee in Bengaluru; Editing by Tasim Zahid)
