Cobham bid for Ultra resurrects UK sovereignty concerns
Cobham aims to create a ‘global defence electronics champion’ by acquiring Ultra Electronics (pictured is a rendering of an Ultra Electronics sonobuoy). (Photo: Ultra Electronics.)
Cobham has set in motion the potential takeover of UK-based Ultra Electronics, offering $3.57 billion (£2.58 billion) for the company.
The non-binding offer is worth $48.37 (£35) per Ultra Electronics share, which value rose at the news of the offer.
The UK government is aware of the proposed deal, with a spokesperson telling Shephard: ‘While this is a commercial matter for the companies involved, we are closely monitoring the transaction.’
In a notice confirming receipt of the offer, Ultra Electronics stated that its board of directors would recommend the deal to shareholders, 'subject to consideration and satisfactory resolution of
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