By Ian Walker Meggitt PLC said Monday that it has agreed to a 6.3 billion pounds takeover by Parker Hannifin Corp.
Under the deal, accepting shareholders of the U.K. engineering company--which specializes in the aerospace, defense and energy markets--will get 800 pence in cash for each share held, a 71% premium to its closing price of 469.10 pence Friday. Parker Hannifin said that it will offer a number of legally binding commitments to the U.K. government, including ensuring that Meggitt will continue to meets its contractual obligations, maintaining its U.K. headquarters and ensuring that most of Meggitt's board will be U.K. nationals.
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