COB.L - Cobham plc

LSE - LSE Delayed price. Currency in GBp
160.65
+5.85 (+3.78%)
At close: 4:37PM GMT
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Previous close154.80
Open162.00
Bid0.00 x 0
Ask0.00 x 0
Day's range160.40 - 162.00
52-week range96.38 - 171.20
Volume37,940,277
Avg. volume11,840,720
Market cap3.841B
Beta (3Y monthly)0.16
PE ratio (TTM)N/A
EPS (TTM)-1.90
Earnings date25 Jul 2019
Forward dividend & yield0.00 (0.26%)
Ex-dividend date2019-10-10
1y target est124.20
  • Reuters

    Britain indicates it is likely to allow Advent's $5 billion Cobham purchase

    The British Government has indicated it is likely to allow Advent's $5 billion purchase of defence company Cobham after the U.S. private equity group offered a number of commitments to address national security concerns. Britain's Business minister Andrea Leadsom had put the deal on hold while she established whether the sale of the air-to-air refuelling equipment maker posed a national security threat. Shares in Cobham were 3.9% higher at 160.8 pence by 0946 GMT.

  • Reuters - UK Focus

    UPDATE 3-Britain indicates it is likely to allow Advent's $5 billion Cobham purchase

    The British Government has indicated it is likely to allow Advent's $5 billion purchase of defence company Cobham after the U.S. private equity group offered a number of commitments to address national security concerns. Britain's Business minister Andrea Leadsom had put the deal on hold while she established whether the sale of the air-to-air refuelling equipment maker posed a national security threat. "We have worked closely with the Ministry of Defence to construct undertakings that would adequately mitigate against any potential national security risks," Shonnel Malani, partner at Advent, said.

  • Cobham Advanced Electronic Solutions Wins Gold Award From U.S. Department of Labor for Supporting Veterans
    Business Wire

    Cobham Advanced Electronic Solutions Wins Gold Award From U.S. Department of Labor for Supporting Veterans

    Cobham Advanced Electronic Solutions , a leading supplier of mission-critical and specialized electronic solutions for harsh environments, announced today that it has received a gold 2019 HIRE Vets Medallion Program Award by the U.S.

  • Reuters - UK Focus

    Advent wins EU approval for Cobham deal, still waiting for UK nod

    U.S. private equity firm Advent International said it had won approval from European Union, U.S. and Finnish regulators for its $5 billion acquisition of British defence company Cobham, as it continues to wait for U.K. approval. Britain has intervened in the deal on national security grounds and its regulator, the Competition and Markets Authority, is due to give the results of its investigation on the matter to the business minister on Tuesday. Advent said in a statement that it continued to work to win government approval.

  • Cobham Advanced Electronic Solutions Introduces New Multi-Axis Gimbal System Delivering Unmatched Reliability, Precision and Affordability
    Business Wire

    Cobham Advanced Electronic Solutions Introduces New Multi-Axis Gimbal System Delivering Unmatched Reliability, Precision and Affordability

    Cobham Advanced Electronic Solutions today introduced a new multi-axis gimbal system for military applications such as counter unmanned aerial vehicles and air defense operations that offers the industry’s best combination of reliability, precision and affordability.

  • Reuters - UK Focus

    UK to expand powers to block foreign takeover deals

    Britain plans to strengthen its powers to block or intervene in the foreign purchase of any company that could affect national security, it said on Monday. Currently the British state can intervene in the foreign takeover of any company that plays a role in national security, the provision of media plurality or the stability of the financial system. Under the plan, a notification system allowing businesses to flag to government a transaction with potential security concerns will be introduced.

  • Reuters - UK Focus

    UPDATE 3-Buyout firm Thoma Bravo adds Sophos to its cybersecurity chest with $3.8 bln deal

    U.S. private equity firm Thoma Bravo is adding Sophos Group to its cybersecurity stable, announcing on Monday a buyout deal that values the British maker of antivirus and encryption products at about $3.8 billion. The takeover price of 583 pence per share represented a 37% premium from Sophos's closing price on Friday and Sophos shares surged nearly 38% on news of the deal. Sophos, whose customers include Under Armour Inc, Ford Motor Co and Toshiba Corp, listed in 2015 at 225 pence per share and has seen its market value double since then, despite a tough 2018.

  • Britain to investigate $5 billion U.S. takeover of defence firm Cobham
    Reuters

    Britain to investigate $5 billion U.S. takeover of defence firm Cobham

    Britain will investigate the national security impact of the purchase of defence company Cobham by U.S. private equity firm Advent International, potentially delaying or even blocking the $5 billion deal. Business minister Andrea Leadsom's move on Wednesday is not unusual where there are potential security concerns, and follows British government intervention in the pending acquisition of satellite group Inmarsat by an international private equity consortium that includes U.S. firm Warburg Pincus. Leadsom has issued a European intervention notice, calling for a report from the Competition and Markets Authority (CMA) by Oct. 29 to determine whether Cobham, the maker of air-to-air refuelling equipment, should be sold.

  • Bloomberg

    This U.S.-U.K. Defense Deal Will Be Hard to Stop

    (Bloomberg Opinion) -- The U.K. Government is right to have a closer look at the takeover of defense contractor Cobham Plc by a U.S. private equity firm. But while the company’s sale is a loss to Britain, an arbitrary block on this deal would inflict even greater damage.Boston-based Advent International is offering 4 billion pounds ($5 billion) for the company, which is the world’s biggest supplier of air-to-air refueling systems for military planes. The economics of the transaction are clear. Cobham is largely now a U.S. business by sales. Under U.S. ownership, Cobham will have an even better stab at Washington contracts. It might be easier to complete the company's turnaround under private ownership, without the short-term pressure to deliver quick wins for stock-market investors.The deal pays away a share of this value creation to shareholders in a 34% premium over where Cobham was trading a few months ago. The board thinks that’s a fair trade. The vast majority of shareholders want the deal.For the U.K., there are no obvious benefits. The only question is whether the deal does harm.The government said Wednesday it would scrutinize the national security implications of the acquisition just days after investors approved the transaction. Cobham’s sales to the U.K. military, relative to other suppliers and its own business, are small, but that’s not relevant. What matters is whether any of its businesses, regardless of their revenue, are critical to national security and would be harmed by a change of ownership.Still, if Cobham is so vital, why doesn’t the government already have a golden share that would give it de facto control? The hurdle for blocking the acquisition should be high. After all, other governments are happy to hand sensitive contracts to what to them is a foreign supplier. Melrose Industries Plc’s takeover last year of aerospace group GKN Plc provides the benchmark here. The buyer was British but the government extracted a veto on the future sale of certain assets.There are more general concerns around the loss of another U.K.-based international business in a high-tech area following the sale of chip designer ARM Holdings Plc and satellite television group Sky. Advent has an incentive to invest in Cobham. That may or may not be good for British jobs. But the head office will ultimately go, along with other expertise that serves it. Britain loses some top management talent; important decisions get made elsewhere. None of this is good for the country unless it’s part of a cycle where new domestic firms are on the rise and securing global positions in emerging industries.The reality is that Cobham’s relevance to Britain has diminished, and vice versa. The U.K.’s military spending isn’t big enough to support a sizeable homegrown industry, especially when contracts are put out to tender internationally without domestic favoritism.The government should demand remedies to any genuine security issues it sees. But a block without good reason would set a protectionist precedent, deter foreign bids, shield poor-performing managers from the threat of takeover and deprive investors of the opportunity to exit investments at premium. If the U.K. merely rues that Cobham is worth more in U.S. hands, it should instead ask whether past industrial policy is to blame and learn the lessons.To contact the author of this story: Chris Hughes at chughes89@bloomberg.netTo contact the editor responsible for this story: Stephanie Baker at stebaker@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Chris Hughes is a Bloomberg Opinion columnist covering deals. He previously worked for Reuters Breakingviews, as well as the Financial Times and the Independent newspaper.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • Reuters - UK Focus

    UPDATE 1-FTSE 100 lingers in the red ahead of Fed meeting

    London's main index see-sawed in early Wednesday trading as investors awaited the outcome of the U.S. Federal Reserve meeting to get a sense of how far policymakers in the world's largest economy will go to tackle a global slowdown. The Federal Reserve is set to conclude its latest policy meeting later in the session, with expectations that it will cut interest rates for the second time this year as it looks to cushion the economy from an ongoing trade war with China. "The question facing the market is how many more (rate cuts) there are to come," Markets.com analyst Neil Wilson wrote.

  • UK government opens national security investigation into £4bn defence deal
    Yahoo Finance UK

    UK government opens national security investigation into £4bn defence deal

    Business secretary Andrea Leadsom announced the investigation of Advent's takeover of Cobham on Wednesday.

  • Reuters - UK Focus

    UPDATE 2-Britain to investigate $5 bln U.S. takeover of defence firm Cobham

    Britain will investigate the national security impact of the purchase of defence company Cobham by U.S. private equity firm Advent International, potentially delaying or even blocking the $5 billion deal. Business minister Andrea Leadsom's move on Wednesday is not unusual where there are potential security concerns and follows British government intervention in the pending acquisition of satellite group Inmarsat, by an international private equity consortium which includes U.S. firm Warburg Pincus. Leadsom has issued a European intervention notice, calling for a report from the Competition and Markets Authority (CMA) by Oct. 29 to determine whether Cobham, the maker of air-to-air refuelling equipment, should be sold.

  • Reuters - UK Focus

    LIVE MARKETS-EU banks: vicious circle with negative rates

    * European shares fall slightly, STOXX 600 down 0.2% * Defensive stocks outperform: healthcare, food & bev, utilities top risers * STOXX 600 slipped from 6-week high on Monday * Oil slightly lower after massive jump on Saudi attacks on Monday * Wall Street futures flat Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Danilo Masoni. Reach him on Messenger to share your thoughts on market moves: rm://danilo.masoni.thomsonreuters.com@reuters.net EU BANKS: VICIOUS CIRCLE WITH NEGATIVE RATES (1158 GMT) Five years on and no respite for euro-zone banks from negative interest rates and future looks no better with more rate cuts on the horizon.

  • Reuters - UK Focus

    LIVE MARKETS-UK industrials ripe for M&A

    * European shares fall slightly, STOXX 600 down 0.2% * STOXX 600 fell 0.7% from 6-week high on Monday * Oil slightly lower after massive jump on Saudi attacks on Monday Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Danilo Masoni. Reach him on Messenger to share your thoughts on market moves: rm://danilo.masoni.thomsonreuters.com@reuters.net UK INDUSTRIALS RIPE FOR M&A (0958 GMT) With sterling slowly recovering from multi-year lows, it could likely be one of the last opportunities for foreign buyers to snap up some UK companies at cheap prices and Berenberg believes the industrials sector is probably the next one to see a wave of M&A activity. Within industrials, Berenberg says automotive, distribution and paper, plastic and packaging are the most likely ones to consolidate.

  • U.S. group Advent wins $5 billion battle for Britain's Cobham
    Reuters

    U.S. group Advent wins $5 billion battle for Britain's Cobham

    U.S. private equity firm Advent International won its battle to buy Britain's Cobham for $5 billion on Monday, taking advantage of the weak pound to pounce on the defence and aerospace group that pioneered air-to-air refuelling. Chairman Jamie Pike told a shareholder meeting the management had "pushed as hard as they could push" and engaged in some "arm wrestling" before finally settling on a price that marked a 50% premium to the three-month average share price before the deal was announced. Cobham, based in Wimborne Minster, south-west England, is the latest European company to be bought by a private equity firm seeking a home for their bumper cash balances.

  • Reuters - UK Focus

    UPDATE 2-U.S. group Advent wins $5 bln battle for Britain's Cobham

    U.S. private equity firm Advent International won its battle to buy Britain's Cobham for $5 billion on Monday, taking advantage of the weak pound to pounce on the defence and aerospace group. Chairman Jamie Pike told a shareholder meeting the management had "pushed as hard as they could push" and engaged in some "arm wrestling" before finally settling on a price that marked a 50% premium to the three-month average share price before the deal was announced. Cobham, which employs 10,000 people to make its pioneering air-to-air refuelling system and communications for military vehicles, has a storied history but has faced difficulties in recent years.

  • Reuters - UK Focus

    UPDATE 1-Advent takeover deal for Cobham backed by most shareholders -FT

    U.S. private equity firm Advent International is set to clinch its 4 billion pound ($4.99 billion) takeover of defence and aerospace group Cobham Plc after Advent received support from more than 75% of shareholders, the Financial Times reported on Friday. Advent agreed to pay 4 billion pounds to buy the British defence and aerospace group known for its pioneering air-to-air refuelling technology in July. Advent offered 165 pence in cash for each Cobham share representing a 50% premium to the three-month average price at that time.

  • Reuters

    Advent takeover deal for Cobham backed by most shareholders - FT

    The tally is based on the number of proxy votes already cast ahead of a crucial shareholder vote on Monday, the FT reported, citing people familiar with the situation. Advent agreed to pay 4 billion pounds to buy the British defence and aerospace group known for its pioneering air-to-air refuelling technology in July. Advent offered 165 pence in cash for each Cobham share representing a 50% premium to the three-month average price at that time.

  • Reuters - UK Focus

    RPT-Foreign trophy hunters scent bargains in Britain as pound weakens

    Private equity and foreign investors, including Hong Kong's richest man, have swooped on pub operators, brewers and some of Britain's most popular tourist attractions, as the pound has slipped. Hong Kong Exchanges and Clearing's $39 billion approach for the London Stock Exchange on Wednesday is the latest in a flurry of dealmaking, although acquirers have mainly targeted small- and mid-cap companies that make most of their revenue in sectors that have been hammered by Brexit.

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