TDG - Why 2 Aerospace Giants Are Going to War Over This British Gem
TransDigm Group (NYSE: TDG) is preparing a bid for British aerospace manufacturer Meggitt (LSE: MGGT) , trying to break up Meggitt's planned sale to rival U.S. manufacturer Parker-Hannifin (NYSE: PH) .
The approach has already ruffled some feathers in the United Kingdom, setting up a showdown between two Cleveland-based industrial giants for control of the British manufacturer of aerospace wheels and brakes.
TransDigm has submitted a preliminary, non-binding offer of 900 pence per share for Meggitt, a premium of 12.5% over Parker-Hannifin's 800-pence-per-share offer. Earlier this month, Meggitt agreed to be acquired by Parker-Hannifin in a deal worth about $8.7 billion.
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Why 2 Aerospace Giants Are Going to War Over This British Gem