US industrial conglomerate Textron has responded to a purported tender offer by London-based Xcalibur Aerospace and called it ‘fictitious’.
The company said the offer to acquire Textron’s common stock breaches US securities laws.
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Textron also confirmed that Xcalibur had made ‘other purported indications of interest’ in the last two years. It further noted that Xcalibur failed to provide details whenever it was asked about its ‘financial wherewithal’.
The company said in a statement: “As it has done previously, Textron has informed relevant authorities of this most recent fictitious offer.
“We urge investors to carefully scrutinise any communications from the purported offeror and to rely only on tender offer materials, if any, that are properly filed with the US Securities and Exchange Commission.
“Unless and until a valid tender offer is made, Textron does not expect to comment further regarding the actions of the purported offeror.”
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataFollowing this statement on Monday, the company’s shares rose by 10.2% in afternoon trading to a nine-month high, reported MarketWatch.
Textron’s portfolio includes brands such as Bell, Cessna, Beechcraft, Hawker, Textron Systems, TRU Simulation + Training and more.
Last month, Textron reported strong operating margins at Bell and Systems during the third quarter of 2020.
The company’s net income was $0.50 a share, compared with $0.95 a share during the same period last year.
In January, Textron Aviation acquired Australian maintenance, repair and overhaul (MRO) service provider Premiair Aviation Maintenance for an undisclosed amount.
