- TransDigm boosts offer for Servotronics (SVT, Financial) to $47.00 per share following unsolicited bid.
- The Servotronics board confirms TransDigm's revised offer as the best option for shareholders.
- The merger awaits regulatory approvals and other closing conditions.
Servotronics, Inc. (SVT) has announced a significant amendment to its merger agreement with TransDigm Inc., under which the tender offer price has been elevated to $47.00 per share in cash. This adjustment comes on the heels of an unsolicited acquisition offer from a third-party, which the Board of Directors reviewed and determined was not a superior offer compared to the amended TransDigm agreement.
The strategic move highlights the competitive landscape surrounding Servotronics, indicating its strong valuation in the aerospace sector. Servotronics specializes in the design and manufacture of servo-control components for aircraft, jet engines, and missiles and operates facilities in Elma and Franklinville, New York.
Despite the positive development reflected in the increased offer, the proposed acquisition is still subject to several closing conditions and regulatory approvals. Shareholders are urged to review the forthcoming Form 8-K filing for comprehensive details regarding the merger amendment, including any changes to termination provisions and timelines.
