Advent confirms up to 272 pence per share possible bid for Senior
Advent International LP on Thursday confirmed that it has made a proposal worth up to 272 pence per share for Senior PLC, as the private equity firm continues to consider a possible takeover of the aerospace and engineering group.
In a statement under Rule 2.4 of the UK Takeover Code, Advent said its last proposal valued Senior at up to 272p per share, comprising 270p in cash plus the right for shareholders to retain any financial 2025 final dividend of up to 2p per share.
Senior announced on February 2 a proposed FY25 final dividend of 2.15p per share. Advent said that, if the dividend exceeds 2p and is paid, the possible offer price would be reduced by the excess amount should it exercise its rights under the Code. On that basis, the cash consideration would be reduced by 0.15p per share.
The proposal also included an option for Senior shareholders to elect to receive an unlisted share alternative.
Advent stressed that the announcement does not constitute a firm intention to make an offer under Rule 2.7 of the code and that there can be no certainty that any offer will be made.
The private equity firm said it is ‘considering its position’ and will make a further announcement when appropriate.
Advent reserved the right to vary the form or mix of consideration and to reduce the possible offer price by the amount of any dividend or other distribution paid by Senior after the date of the announcement, other than the permitted 2p dividend.
Shares in Senior closed up 3.7% at 311.00 pence in London on Thursday.
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