(Bloomberg) -- The chairman of Cobham Plc said the company is seeking other offers after a recommended bid from a U.S. private equity firm was criticized by the defense and aerospace manufacturer's largest shareholder, according to the Financial Times.
The bid from Advent International represents a “fair price,” but Cobham is still “actively looking for other offers,” Jamie Pike said in an interview with the newspaper.
The London-listed company accepted the 165p-a-share deal last month. Silchester International Investors LLP, which owns about 12% of Cobham's shares, said the company could fetch a higher price after repairing its balance sheet and making a “broad-ranging improvement” that will pay off over the next few years.
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Cobham traces its roots to the 1930s and has about 11,500 employees globally. The firm makes in-flight refueling systems, communications gear and specialized equipment for aircraft and ships. Customers include Airbus SA and Boeing Co.
To contact the reporter on this story: Lucca de Paoli in London at gdepaoli1@bloomberg.net
To contact the editors responsible for this story: Shelley Robinson at ssmith118@bloomberg.net, Paul Jarvis, James Amott
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