UK's Senior agrees to $1.9 billion takeover by aerospace investor Tinicum and Blackstone

* Senior board to recommend 300 pence apiece cash ​offer

* Tinicum brings ⁠aerospace investment expertise

* Senior previously rejected Advent bid, ​private equity firm Arcline walked away

* Senior's biggest shareholder, Alantra, willing to vote for the deal (Rewrites throughout with detail, context and ​background ‌on Senior, Tinicum, aerospace and defence sectors)

April 7 (Reuters) - Senior Plc agreed on Tuesday to a 1.4 billion pound ($1.9 ⁠billion) takeover proposal from a consortium comprising Tinicum and Blackstone, ⁠potentially ending months of pursuit of the ​British aerospace and defence supplier. Senior drew a flurry of takeover offers in recent months as buyers target British companies for their relatively cheaper valuations, and as rising defence spending driven by escalating geopolitical tensions sharpened ​interest in ‌the sector. Private equity firm Arcline Investment Management walked away from a bid for Senior last week, nearly a month after the company rejected Advent's 1.14 billion pound proposal. However, under UK takeover rules, they could still return with bids under some special circumstances.

Shares in Senior, which had a market ​value of 1.21 billion pounds as of Tuesday, were trading largely flat as of 1257 GMT. They ‌have gained nearly 15% since the approaches were first disclosed in late February.

'CONVICTION IN SENIOR'

The 300 pence per share cash offer from ‌U.S.-based investment firm Tinicum and Blackstone is at a 2.8% premium to Senior's last close, and will be recommended to its shareholders, the British company said. It added that the consortium's expertise in investing in ​the industry was a key contributor to its decision.

Senior's largest shareholder Alantra, which holds over 17% of the company, has ‌expressed its willingness to vote in favour of the deal, the parties said. Tinicum took TriMas' aerospace segment private for $1.45 billion with Blackstone in November last year.

"As long-term investors in both aerospace and industrial sectors, ⁠the consortium ⁠has conviction in Senior and its growth potential," Tinicum said.

It added ‌that it would merge its recently acquired AeroFlow Technologies with Senior to maximize earnings, if the deal goes through. While civil aerospace ​is Senior's biggest ​segment, the engineering group also supplies parts for land vehicles and defence businesses. ‌Nearly 16% of its total revenue comes from defence and the company is a parts supplier to Lockheed Martin , Boeing and Airbus.

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