Cobham agrees raised bid for Thrane & Thrane
LONDON (Reuters) - Aero electronics group Cobham (COB.L) has agreed to buy Danish rival Thrane & Thrane THRAN.CO after its increased offer of 275 million pounds was accepted by the board of the satellite communications equipment maker.
"Thrane & Thrane shareholders will be offered 435 Danish crowns (47.54 pounds) in cash for each Thrane & Thrane share, an increase of 15 Danish crowns per share over Cobham's offer announced on April 10, 2012," the British company said in a statement on Thursday.
Cobham last month renewed its initial 420 Danish crowns per share bid for Thrane after some investors warmed to a previously rejected proposal.
The British company said its revised offer takes into account the dividend Thrane would have declared for the year to the end of April, 2012.
"We believe that this is an outstanding opportunity to bring together two world-class, highly complementary, commercially focused SATCOM businesses and is in line with our aim of prioritising investment that will bring more balance between our defence/security and commercial markets," said Cobham chairman John Devaney.
Cobham said its offer represented a premium of 48 percent to the closing price of Thrane & Thrane shares on February 24, the last trading day before Thrane said it had received a takeover bid.
(Reporting by Rhys Jones; editing by Kate Holton)
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