Senior confirms takeover approach from Blackstone consortium

(Sharecast News) - Senior confirmed on Tuesday that it has received a preliminary, non-binding all-cash offer from a consortium comprising of Tinicum Incorporated and Blackstone. Responding to media speculation, Senior said the proposal was received on 20 February, and that discussions with the consortium and other potential offerors remain ongoing.

The engineer said there can be no certainty that an offer will be made, nor as to the terms of any offer. A further announcement will be made as and when appropriate, it added.

Under UK takeover rules, the consortium has until 1700 GMT on 31 March to either announce a firm intention to make an offer or walk away.

Last Friday, private equity firm Advent International confirmed it was considering a possible takeover offer for Senior.

At 1025 GMT, Senior shares were down 0.5% at 295.50p in a sharply lower London market.