British aerospace supplier Senior Plc said on Tuesday it had received a takeover proposal from U.S.-based investment firm Tinicum and Blackstone, adding to a flurry of approaches in recent months by potential suitors.
Senior, a parts-supplier to Boeing and Airbus, last week disclosed it had received five takeover proposals in recent months, with private equity firm Advent confirming it was one of the suitors.
Discussions were ongoing with Tinicum and Blackstone and other potential bidders, said Senior, which as of Tuesday had a market capitalization of 1.25 billion pounds ($1.66 billion).
The talks between Blackstone and Senior, first reported by Bloomberg News, become public a day after Senior said it beat annual market profit expectations on robust demand and better pricing for aero parts.
Tinicum, which has a vast portfolio of manufacturing, infrastructure, distribution and industrial technology companies, made the preliminary proposal along with Blackstone on February 20, Senior said.
Details of other bids and bidders remained unknown.
Source: Reuters.com