UPDATE: Advent International confirms mulls takeover offer for Senior

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Advent International Ltd on Friday confirmed that it is considering a possible takeover offer for Senior PLC, a Hertfordshire, England-based maker of components and systems for aerospace, defence, land vehicle, power and energy customers.

Earlier on Friday, Senior announced that it delayed a £40 million share buyback programme amid negotiations for its possible takeover by an ‘offeror’.

Advent International said it has until March 27 to either announce a firm intention to make an offer for Senior, or to announce that it does not intend to make an offer.

The company said Friday’s announcement is in its capacity as adviser to Boston, Massachusetts-based private equity investor Advent International LP.

Senior shares jumped 19% to 305.50 pence each on Friday afternoon in London, and are 85% higher than a year ago.

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