Meggitt takeover speculation dampens as chairman acquires stock
Speculation Meggitt [LON:MGGT] might be targeted for takeover by a competitor was dampened when chairman Nigel Rudd and his wife purchased stock in the UK-based aircraft-parts manufacturer, the Financial Times reported.
Meggitt announced the acquisition of 2,500 shares by the Rudds in a stock exchange announcement yesterday, 21 November.
As reported earlier this week, Meggitt activist shareholder Elliott Management is understood to have been approaching other key investors. Elliott, which acquired a 5.2% Meggitt stake three months ago, is eager to push for a sale or break-up, and has been courting the US conglomerate Honeywell [NYSE:HON] and other prospective buyers, City sources said.
The original report appeared in the Financial Times, page 29