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Cobham family loses takeover battle with America's Advent – The Times, Thetimes.co.uk

Cobham family loses takeover battle with America's Advent – The Times, Thetimes.co.uk


The 85 – year-old British company supplies electronic warfare systems used on the US Marine Corps’ EA-6B Prowler aircraftAlamy

The founding family behind Cobham has renewed its call for the government to intervene in the £ 4 billion takeover of the British defense and aerospace company after failing to persuade shareholders to block the deal.  

Advent, an American private equity firm, secured resounding investor support for its 165 pa-share offer for the FTSE 250 company at a meeting in London yesterday.

 

While some small shareholders attacked Cobham’s board for striking the deal, their criticism was fruitless and came after almost all the voting had taken place by proxy last week.

 

About 93 .2 per cent of shares that were voted were in favor of the deal, surpassing the 75 per cent threshold that Advent needed. It was a blow to Lady Cobham, who hasopposed the takeover

 

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