Senior Plc logo is seen displayed in this illustration taken April 10, 2023. REUTERS
Feb 27 (Reuters) – British engineering firm Senior said on Friday it has received multiple takeover offers in recent months and is considering two of them, with discussions ongoing with a potential undisclosed bidder.
The company has also postponed the start of its 40 million pound ($53.86 million) share buyback following the bids, it said.
Senior said it had received and rejected a preliminary, non-binding all-cash bid in January, saying it “fundamentally undervalued” the company. The bidder later tabled two higher proposals, but the board rejected the second one as well.
The firm, which supplies parts to aircraft makers Boeing and Airbus , then received two higher all-cash bids from other interested parties in February, which it is now reviewing with its board.
Senior had raised its annual profit outlook for the second time in two months in January as it benefits from stronger-than-expected performance in its aerospace business.
($1 = 0.7426 pounds)
Reporting by Yamini Kalia in Bengaluru; Editing by Mrigank Dhaniwala
