Meggitt PLC (LSE:MGGT) (LSE:MGGT) seems keen to be taken over by Parker-Hannifin Corp (NYSE:PH) as it published relevant takeover documents, even though TransDigm Group Inc (NYSE:TDG) (NYSE:TDG) is still in the wings.
On Friday, TransDigm made an unsolicited and “preliminary” offer of 900p per share, a week after the FTSE 250 company's board backed an 800p takeover by rival Parker-Hannifin.
READ: Meggitt receives rival unsolicited bid from second US peer
The Takeover Panel said on Monday that the US defence group has until 14 September to make a firm bid or pull out.
The ruling was accepted by Meggitt, TransDigm and Parker-Hannifin.
However, the UK target went ahead and published the scheme document for the Parker-Hannifin offer on Monday, setting out the full terms and conditions of the deal and a timetable.
The court meeting and general meeting will be held on 21 September and the takeover will complete during the third quarter of 2022.
Bankers advising the deal, which include Citi Group, N.M. Rothschild, Morgan Stanley (NYSE:MS) and Merrill Lynch, will receive around £200mln if the Parker-Hannifin acquisition is approved.
Shares were flat at 816.12p on Monday morning.