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Ultra Electronics board to recommend £2.58bn Cobham bid

After being turned down in June, private equity owned Cobham has come back with a much larger offer.
Ultra Electronics board to recommend £2.58bn Cobham bid
  • The bid is a premium of 42 per cent to Ultra’s last closing price
  • ‘Put up or shut up’ date has been extended to 20 August

Aerospace and defence company Cobham has made an offer of £35 per share for Ultra Electronics (ULE). The deal would value the company at £2.58bn which equates to a premium of 42 per cent to Ultra’s previous closing price. It is a significant improvement on the £28 per share offer made by Cobham in June and the Ultra board said that it would recommended it to shareholders subject to the establishment of safeguards for its stakeholders.

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