Arcline walks away from potential Senior takeover with no firm offer
Arcline Investment Management LP on Wednesday announced it has no intention to make an offer for Senior PLC.
The New York-based private equity firm had approached Senior, a Hertfordshire-based engineering and manufacturing company, with a non binding and preliminary all-cash offer of an undisclosed amount for the entire company on February 21.
Arcline’s deadline to announce its intention to make an offer or walk away under UK takeover rules expires today.
Senior earlier this year had rejected an offer from Advent International LP, a Boston, Massachusetts-based private equity firm, but agreed to extend the offer deadline to April 17.
The offer was for up to 272 pence per Senior share, of which 270 pence per share would be payable in cash.
Shares in Senior were up 1.1% to 289.00 pence each on Wednesday morning in London.
Senior is also in talks with a consortium comprising of California-based investor Tinicum Inc, and funds and vehicles managed by New York-based private equity firm Blackstone Inc after receiving a preliminary all-cash offer of an undisclosed amount early last month.
The deadline for the consortium to announce its intention to make an offer, originally expiring on Tuesday, has been extended to April 9.
Senior also postponed its £40 million share buyback programme last month to facilitate possible takeover negotiations.
Any deal would follow what Senior Chief Executive David Squires called a ‘pivotal’ 2025, during which Senior sold its Aerostructures business to Sullivan Street Partners Ltd.
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