Advent International rules out making competing offer for Senior

(Alliance News) - Advent International LP on Wednesday said it does not intend to make a bid for Senior PLC, clearing the way for an agreed deal with the Tinicum Inc and Blackstone Inc consortium.

Late February, Boston, US-based private equity form Advent said it was considering a possible offer for Senior, which was rejected by the Hertfordshire, England-based engineering and manufacturing company.

Advent said its last proposal was at a total value of up to 272 pence per Senior share.

In March, Senior confirmed rival bids from the Tinicum/Blackstone consortium and Arcline Investment Management LP were also made in February.

Last week, New York-based private equity firm Arcline said it was not intending to make an offer for Senior.

On Tuesday, Senior said it had accepted a 300 pence per share offer from the Tinicum and Blackstone consortium.

The offer values the firm at GBP1.28 billion on a fully diluted basis, and implies an enterprise value of GBP1.40 billion.

Under the agreement, shareholders will receive 297.85p in cash and a final dividend of 2.15p per share for every share in Senior held.

Shares in Senior were down 1.4% at 287.00p each in London on Wednesday afternoon.

By Jeremy Cutler, Alliance News reporter

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