(Recasts with Takeover Panel statement)
LONDON, Aug 16 (Reuters) - Meggitt suitor TransDigm
has been given a deadline of Sept. 14 by the UK Takeover Panel
to formalise a counter bid for the British engineering company
or walk away.
The group, which supplies wheels and brakes for aeroplanes,
agreed a 6.3 billion pound ($8.7 billion) takeover offer from
U.S.-based engineer Parker-Hannifin in early August, in
the latest example of corporate America's appetite for British
companies.
Days later, Meggitt said it had also been approached by U.S.
aircraft components and systems maker TransDigm, at a possible
900 pence per share, higher than Parker-Hannifin's 800 pence
level.
Meggitt shares traded at 819 pence in early deals on Monday.
The Takeover Panel, which overseas mergers and acquisitions
in Britain, said TransDigm has until 1600 GMT on Sept. 14 to
either make a firm offer or rule itself out of the running.
Meanwhile the process for Parker-Hannifin's firm offer
continues, with Meggitt announcing earlier on Monday that it had
published documents in relation to the offer, with a date set
for a shareholder vote on Sept. 21.
Parker, which operates in the industrial and aerospace
markets, has made a series of commitments to the British
government on jobs and security.
Separately in the aerospace and defence sector, private
equity-owned Cobham said on Monday it has agreed to buy
London-listed Ultra Electronics for 2.57 billion pounds
and has set out commitments to allay government concerns over
national security.
On Meggitt, the Takeover Panel said its deadline would cease
to apply if a third party other than TransDigm gatecrashes the
party with a firm offer for Meggitt.
"Each of Meggitt, Parker and TransDigm has accepted this
ruling," the regulator said in its statement.
($1 = 0.7219 pounds)
(Reporting by Sarah Young; editing by James Davey)
