Chemring takeover talks collapse
By Guy Anderson and London Charles Forrester
Acquisition talks between UK countermeasures and munitions specialist Chemring Group and US private equity company Carlyle have collapsed, the companies announced on 7 November.
The confirmation that talks had ended came two days ahead of a UK takeover deadline of 9 November.
The existence of talks between Chemring and Carlyle first emerged on 17 August following what the UK organisation described at the time as a "highly preliminary expression of interest in relation to a possible offer". London-listed Chemring has a market cap of around GBP490 million (USD783 million).
News that discussions had collapsed followed a number of extensions to a takeover deadline, although it appears that the chance of a successful outcome had been decreasing since mid-October.
Chemring CEO David Price resigned with immediate effect on 23 October, with Mark Papworth appointed to take over the top job. He took over as CEO on 5 November, joining Chemring from oil and gas company Wood Group.
The appointment of Papworth who Chemring said had a "track record of positioning businesses to focus on long-term growth" appeared to indicate that the board of the UK group was aiming to continue as an independent business.195 of 413 words
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