That comes to about 7.12 billion pounds ($9.87 billion).
The offer comes after the boards of Meggitt and Parker-Hannifin (PH) - Get Parker-Hannifin Corporation Report agreed Aug. 2 to a deal under which Parker would take over Meggitt for 6.3 billion pounds ($8.7 billion).
“Meggitt is providing TransDigm with due diligence access equal to that which was provided to Parker,” Meggitt said. “The board of Meggitt is currently reviewing the proposal.”
For now, “the directors of Meggitt continue to recommend unanimously the offer by Parker to Meggitt shareholders,” the company said.
Meggitt recently traded at $12.07, up 24%; TransDigm at $620.41, little changed; and Parker-Hannifin at $295, down 1%.
When the Parker-Hannifin deal was unveiled, TheStreet.com reported: The deal helps Parker-Hannifin better compete in an aviation sector just coming out of its biggest slump in history, as demand for aircraft returns following the coronavirus pandemic.
It is also the largest deal to date for Parker-Hannifin, which has accelerated its buyout activity under Chief Executive Tom Williams.
In other Boeing news Wednesday, its shares rose, after a promising test flight of the plane maker’s 737 MAX, which could lead to the grounded jet's return to service in China.
FlightRadar24 reports showed Wednesday that a 737 MAX jet took off from Shanghai's Pudong International Airport and landed in Zhoushan, the site of a Boeing factory designed to install plane interiors.