* Meggitt gets possible 900p/share offer from TransDigm
* Shares hit fresh record high of 846p
* Company continues to back Parker-Hannifin offer
(Adds shares, detail, background)
Aug 11 (Reuters) - A U.S. bidding battle could be brewing
for UK aerospace engineer Meggitt, which has been
approached by TransDigm over a possible 7.03 billion
pound ($9.74 billion) offer, days after accepting a lower bid
from Parker-Hannifin.
Meggitt, a supplier of aerospace components including
wheels and brakes for military fighters, announced TransDigm's
overture on Wednesday, saying the possible offer of 900 pence
per share from the U.S. player was preliminary and non-binding.
Nonetheless, that topped an 800 pence per share proposal
from Parker last week. Meggitt said it continued to back
Parker's 6.3 billion pound proposal, but said it would also
review TransDigm's potential offer.
"(Meggitt) will continue to consider carefully not only the
financial terms of any offer but also TransDigm's plans for the
company and the potential impact across all its stakeholders,"
the British company said in a statement.
News of the approach from TransDigm, which makes aircraft
components and systems used in commercial and military aircraft,
sent shares of Meggitt to a fresh record high of 846 pence by
1522 GMT.
It marks the latest interest from a U.S. company for a
British defence group. U.S.-backed Cobham made a $3.6 billion
offer to buy UK-based rival Ultra Electronics last
month, for instance.
Takeovers for British companies hit a 14-year high by value
in the first seven months of 2021, driven by relatively cheap
valuations due in part to the pandemic and Brexit.
UK drugmaker Vectura is in the middle of a takeover
battle between New York-based tobacco giant Philip Morris and
Washington-based private equity firm Carlyle.
($1 = 0.7214 pounds)
(Reporting by Pushkala Aripaka and Yadarisa Shabong in
Bengaluru, Editing by Sherry Jacob-Phillips and Pravin Char)
