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Cobham bid for Ultra resurrects UK sovereignty concerns

27th July 2021 - 12:19 GMT | by Harry Lye in London

RSS

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.)

Ultra Electronics board said it was ‘minded’ to recommend a multibillion-dollar buyout offer from Cobham to shareholders. The possible deal has raised concerns from some corners over the acquisition of UK defence companies by foreign firms.

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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