Meggitt PLC, the Coventry engineering company which works on military programmes for the BAE Systems Typhoon and Lockheed Martin F-35 fighters, has received a second offer to buy
The second, unsolicited, offer from American engineering company TransDigm Group Incorporated.values the company at £7.1 billion.
Last week, the aerospace company announced that it had agreed to its acquisition by the American-based Parker-Hannifin Corporation in a deal that valued the British company at around £6.3 billion.
Meggitt specialises in high performance components and subsystems for the aerospace, defence, and energy markets and makes sensors, landing gear components and other kit for Boeing and Airbus.
The company employs 9,000 people worldwide, including 2,300 in the UK. It mainly produces parts including wheels, brakes and fire suppression systems for military and civilian jets, such as Lockheed Martin’s F-35 Lightning II aircraft.
The offer sparks renewed national debate on the vulnerability of British companies to overseas takeovers. Recent takeovers in the region include Solihull-headquartered St. Modwen to Blackstone in May
And there are ongoing concerns about Vectura in Chippenham and Ultra Electronics, which has a major site in Cheltenham.
Takeovers of British companies hit a 14-year high by value in the first seven months of 2021, according to a Reuter’s analysis of financial analysts Refinitiv data, with no sign the buying spree is slowing after US companies targeted a leading supermarket and defence groups.
The total value of UK deals in the seven months was $198 billion, an increase of more than threefold on the same period last year, which included the onset of the pandemic.
Deals involving a British target totalled $34.9 billion in July, per cent less than June but more than seven times the value in July 2020.