Advent says rejected Senior bid valued UK engineer at $1.52 billion
March 5 (Reuters) - U.S. private equity firm Advent International has disclosed its rejected takeover proposal for British aerospace engineering firm Senior Plc SNR.L valuing the company at approximately 1.14 billion pounds ($1.52 billion), or 272 pence per share.
The proposal was for 270 pence per share in cash, plus the right for shareholders to retain a final dividend for fiscal 2025 of up to 2 pence.
Advent's offer represents a 5.6% premium to Senior's closing price on Feb. 26, the day before Advent made the approach.
Advent confirmed it was among the parties interested in Senior and has until March 27 to decide whether to make a firm offer under UK takeover rules.
Senior, an aircraft parts supplier to Boeing BA.N and Airbus AIR.PA, said in February it had received five proposals.
Three bidders were identified at the time, Advent, Tinicum-Blackstone and Arcline Investment Management.
Senior and the other bidders have not yet disclosed the value of the bids.
($1 = 0.7502 pounds)
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