US aerospace parts manufacturer TransDigm on Tuesday decided against a higher counter bid for British peer Meggitt, paving the way for Parker-Hannifin Corporation to complete a multi-billion-dollar takeover.

TransDigm on August 11 said it was looking at formally bidding 7.0 billion pounds ($9.5 billion, 8.2 billion euros) for Meggitt.

The previous week, Parker-Hannifin Corporation -- a US company specialising in aerospace technologies -- announced a deal to buy Meggitt for 6.3 billion pounds.

In a statement Tuesday, Meggitt said it would "continue to recommend unanimously the offer by Parker" to its shareholders after TransDigm revealed it did "not intend to make a firm offer".

Parker has meanwhile pledged a number of legally binding commitments to the UK government regarding its cash deal, such as ensuring that Meggitt meets current contractual obligations to the state.

It comes as Britain has ordered a probe into the takeover of UK defence technology firm Ultra Electronics by US-owned Cobham in order to assess risks to national security.

Related Links
The Military Industrial Complex at SpaceWar.com
Learn about the Superpowers of the 21st Century at SpaceWar.com

Tweet

Thanks for being here; We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain. With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords. Our news coverage takes time and effort to publish 365 days a year. If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor $5 Billed Once credit card or paypal		SpaceDaily Monthly Supporter $5 Billed Monthly paypal only

Ethiopian Airlines says weapons seized in Sudan 'legal'
Addis Ababa (AFP) Sept 6, 2021
Ethiopian Airlines said Monday its transport of weapons to Sudan was a "legal and commercial" shipment of hunting guns, after reports the cargo was confiscated by the authorities in Khartoum. Sudan's SUNA news agency reported that the weapons were seized at Khartoum airport on Saturday after being flown in on an Ethiopian Airlines passenger flight, prompting an investigation. But on Monday, Sudan's interior ministry confirmed that the seized shipment which belonged to a licensed trader was "legi ... read more