MAKER OF ENGINE HOUSINGS AGREES TO BE ACQUIRED BY AN UNIDENTIFIED COMPANY
Rohr Inc. agreed Monday to be acquired by an unnamed company for about $1.3 billion in stock and assumed debt, a week after takeover talks with an anonymous suitor failed.
The offer of $882 million in stock, or $31.50 a share, is higher than a previous takeover bid of $30.25 that Rohr disclosed Sept. 11. Four days later, the maker of jet engine housings said without explanation that takeover talks had been terminated.
Rohr shares closed at $30 on Friday. They didn’t trade Monday; the New York Stock Exchange said it wouldn’t allow trading until it had more information on the acquisition. Under federal rules, neither company is required to immediately disclose who the acquirer might be.
Rohr, which had $944 million in revenue for the fiscal year ended July 31, makes parts for the two makers of large airliners, Airbus Industrie and Boeing Co. Both have seen sales boom in the last two years, making Rohr a takeover target in an industry where consolidation has meant few small firms are left to be acquired, analysts said.
“It’s already the largest independent maker” of aircraft engine housings, said Paul Nisbet of JSA Research. “There isn’t a lot of opportunity to buy in the same business.”
Shares in Rohr have risen 13 percent from when the company first disclosed it was in takeover talks on Sept. 11.
