UK regulators give Meggitt until September 14 to make counter bid


LONDON, Aug. 16 - Meggitt suitor TransDigm has been given a deadline by the UK Takeover Panel to formalise a counter bid for the British engineering company or walk away from the deadline.

The group, which supplies wheels and brakes for aircraft, agreed a takeover of 6.3 billion pound offer in early August from U.S.-based engineer Parker-Hannifin, in the latest example of corporate America's appetite for British companies.

Days later, Parker-Hannifin said it had also been approached by U.S. air component manufacturer TransDiagm at a possible 900 Pence Level, higher than Meggitt's 800 price point.

On Monday, Meggitt shares traded at 819 pence in early deals.

The Takeover Panel, which overseas mergers and acquisitions in England, said Transdigm would have until September 14 to either make a firm offer or rule itself out of the running until 1600 GMT.

Meanwhile, the process for Parker-Hannifin's firm offer continues, with Meggitt announcing earlier on Monday that it published documents in relation to the offer and scheduled a date for a shareholder vote on Sept. 21.

Parker, which operates on the UK government market has made a series of commitments to the industrial and aerospace government on jobs and security.

Separately in the aerospace and defence sector, the London-listed Company said on Monday that it had agreed to buy London-listed Ultra Electronics for 2.57 billion pounds and has set out commitments to allay government concerns about national security.

About Meggitt, the Takeover Panel indicated its deadline would cease to apply if a third party not TransDigm gatecrashes the party with a firm offer for Meggitt.

Each of Meggitt, Parker and TransDigm accepted this ruling, the regulator said in its statement.