Meggitt is based in Coventry, England. (Meggitt)

Less than a month after making an informal proposal to acquire Meggitt, TransDigm Group has decided against submitting a formal offer, leaving Parker Hannifin Corporation as the sole suitor for the UK-based company.

After reviewing the due diligence information that Meggitt made available, TransDigm was unable to conclude that its proposed GBP7.03 billion (USD9.7 billion) acquisition would meet its investment return goals, TransDigm said on 7 September.

TransDigm chairman Nick Howley asserted that the information Meggitt provided was “quite limited”, creating “uncertainties” about a potential transaction. Meggitt insisted it gave the two US-based suitors “equivalent access” to information and management.

In light of TransDigm's withdrawal, Meggitt said its board of directors continues to recommend that its shareholders approve Parker's GBP6.25 billion offer at a 21 September meeting. “The board of Meggitt believes the Parker offer continues to represent an attractive proposition for Meggitt's shareholders and for its broader stakeholders, including its employees, pension schemes, and customers, together with [the UK] government, for the long term,” Meggitt said.

Parker confirmed that the TransDigm withdrawal has not altered its plans. “Nothing changes for us,” Parker spokesman Aidan Gormley told Janes

Meggitt is based in Coventry, England. (Meggitt)

Less than a month after making an informal proposal to acquire Meggitt, TransDigm Group has decided against submitting a formal offer, leaving Parker Hannifin Corporation as the sole suitor for the UK-based company.

After reviewing the due diligence information that Meggitt made available, TransDigm was unable to conclude that its proposed GBP7.03 billion (USD9.7 billion) acquisition would meet its investment return goals, TransDigm said on 7 September.

TransDigm chairman Nick Howley asserted that the information Meggitt provided was “quite limited”, creating “uncertainties” about a potential transaction. Meggitt insisted it gave the two US-based suitors “equivalent access” to information and management.

In light of TransDigm's withdrawal, Meggitt said its board of directors continues to recommend that its shareholders approve Parker's GBP6.25 billion offer at a 21 September meeting. “The board of Meggitt believes the Parker offer continues to represent an attractive proposition for Meggitt's shareholders and for its broader stakeholders, including its employees, pension schemes, and customers, together with [the UK] government, for the long term,” Meggitt said.

Parker confirmed that the TransDigm withdrawal has not altered its plans. “Nothing changes for us,” Parker spokesman Aidan Gormley told Janes

Meggitt is based in Coventry, England. (Meggitt)

Less than a month after making an informal proposal to acquire Meggitt, TransDigm Group has decided against submitting a formal offer, leaving Parker Hannifin Corporation as the sole suitor for the UK-based company.

After reviewing the due diligence information that Meggitt made available, TransDigm was unable to conclude that its proposed GBP7.03 billion (USD9.7 billion) acquisition would meet its investment return goals, TransDigm said on 7 September.

TransDigm chairman Nick Howley asserted that the information Meggitt provided was “quite limited”, creating “uncertainties” about a potential transaction. Meggitt insisted it gave the two US-based suitors “equivalent access” to information and management.

In light of TransDigm's withdrawal, Meggitt said its board of directors continues to recommend that its shareholders approve Parker's GBP6.25 billion offer at a 21 September meeting. “The board of Meggitt believes the Parker offer continues to represent an attractive proposition for Meggitt's shareholders and for its broader stakeholders, including its employees, pension schemes, and customers, together with [the UK] government, for the long term,” Meggitt said.

Parker confirmed that the TransDigm withdrawal has not altered its plans. “Nothing changes for us,” Parker spokesman Aidan Gormley told Janes

Meggitt is based in Coventry, England. (Meggitt)

Less than a month after making an informal proposal to acquire Meggitt, TransDigm Group has decided against submitting a formal offer, leaving Parker Hannifin Corporation as the sole suitor for the UK-based company.

After reviewing the due diligence information that Meggitt made available, TransDigm was unable to conclude that its proposed GBP7.03 billion (USD9.7 billion) acquisition would meet its investment return goals, TransDigm said on 7 September.

TransDigm chairman Nick Howley asserted that the information Meggitt provided was “quite limited”, creating “uncertainties” about a potential transaction. Meggitt insisted it gave the two US-based suitors “equivalent access” to information and management.

In light of TransDigm's withdrawal, Meggitt said its board of directors continues to recommend that its shareholders approve Parker's GBP6.25 billion offer at a 21 September meeting. “The board of Meggitt believes the Parker offer continues to represent an attractive proposition for Meggitt's shareholders and for its broader stakeholders, including its employees, pension schemes, and customers, together with [the UK] government, for the long term,” Meggitt said.

Parker confirmed that the TransDigm withdrawal has not altered its plans. “Nothing changes for us,” Parker spokesman Aidan Gormley told Janes

Meggitt is based in Coventry, England. (Meggitt)

Less than a month after making an informal proposal to acquire Meggitt, TransDigm Group has decided against submitting a formal offer, leaving Parker Hannifin Corporation as the sole suitor for the UK-based company.

After reviewing the due diligence information that Meggitt made available, TransDigm was unable to conclude that its proposed GBP7.03 billion (USD9.7 billion) acquisition would meet its investment return goals, TransDigm said on 7 September.

TransDigm chairman Nick Howley asserted that the information Meggitt provided was “quite limited”, creating “uncertainties” about a potential transaction. Meggitt insisted it gave the two US-based suitors “equivalent access” to information and management.

In light of TransDigm's withdrawal, Meggitt said its board of directors continues to recommend that its shareholders approve Parker's GBP6.25 billion offer at a 21 September meeting. “The board of Meggitt believes the Parker offer continues to represent an attractive proposition for Meggitt's shareholders and for its broader stakeholders, including its employees, pension schemes, and customers, together with [the UK] government, for the long term,” Meggitt said.

Parker confirmed that the TransDigm withdrawal has not altered its plans. “Nothing changes for us,” Parker spokesman Aidan Gormley told Janes

Meggitt is based in Coventry, England. (Meggitt)

Less than a month after making an informal proposal to acquire Meggitt, TransDigm Group has decided against submitting a formal offer, leaving Parker Hannifin Corporation as the sole suitor for the UK-based company.

After reviewing the due diligence information that Meggitt made available, TransDigm was unable to conclude that its proposed GBP7.03 billion (USD9.7 billion) acquisition would meet its investment return goals, TransDigm said on 7 September.

TransDigm chairman Nick Howley asserted that the information Meggitt provided was “quite limited”, creating “uncertainties” about a potential transaction. Meggitt insisted it gave the two US-based suitors “equivalent access” to information and management.

In light of TransDigm's withdrawal, Meggitt said its board of directors continues to recommend that its shareholders approve Parker's GBP6.25 billion offer at a 21 September meeting. “The board of Meggitt believes the Parker offer continues to represent an attractive proposition for Meggitt's shareholders and for its broader stakeholders, including its employees, pension schemes, and customers, together with [the UK] government, for the long term,” Meggitt said.

Parker confirmed that the TransDigm withdrawal has not altered its plans. “Nothing changes for us,” Parker spokesman Aidan Gormley told Janes