Aircraft and car parts supplier Senior Plc rejected a $1.05bn takeover proposal from Lone Star Global, a unit of the private equity firm said on Friday.

The unit, LSF XI Investments, said in a statement it had made an offer of 176 pence per share on May 20, its third for the British company.

Senior declined to comment, but a spokesperson for the company said it would soon make an announcement on the offer.

Shares in the London-listed firm jumped as much as 39% to 164.1 pence, their highest since the pre-pandemic levels of February 2020.

Lone Star has until June 25 to make a firm offer or walk away from the deal.

Senior, which supplies parts such as airframes and engine build-up tubes to planemakers, is the latest target of rising private equity interest in British companies.

Its business has been hit hard by the pandemic, with aerospace sales declining 25% in the first quarter of 2021.

Source: Yahoo Finance

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