BUSINESS

US-Owned Firm’s $3.5 Bln Takeover Bid for UK Defence Manufacturer ‘Shocks’ Ex-Head of Royal Navy

Ultra Electronics manufactures key defence equipment for the UK Armed Forces as it remains world leader in making sophisticated submarine-detecting sonars.

The British government has said it is “closely monitoring” the proposed £2.58 billion ($3.55 billion) takeover of the engineering group Ultra Electronics by a rival company.

The statement came a day after Ultra said that its board was “minded to recommend” a £35($48)-a-share offer from the British aerospace manufacturing company Cobham Limited, owned by Advent International, the American private equity firm.

The developments are almost certain to alarm the UK Ministry of Defence, given the fact Ultra Electronics provides the Royal Navy with state-of-the-art submarine-hunting sonobuoys and sonar equipment capable of detecting torpedoes for military patrol aircraft and warships.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close
Close