Injured prey are easier pickings, but Senior had more bite than its private equity bidder had expected. With the shares retaining much of the gains made since Lone Star’s fifth and final offer in June, investors seem to think that another takeover attempt could be coming.
Who could blame them? British defence and aerospace companies are gathering a scarcity value. Weaker valuations post-Covid have been one lure for bidders. Offers that have materialised in the sector since 2019 have been made at an average discount of 13 per cent against the shares’ all-time high, according to Peel Hunt, the broker.
On that basis, Lone Star’s top 200p-a-share offer for Senior, which specialises in making ducts and valves that help to control fuel consumption, looks the
