The British government consultation Over the acquisition of Ultra Electronics Holdings, a defense company proposed by Cobham Ultra Acquisitions.
This process was initiated to address national security issues.
Secretary of State Kwasi Kwaten of the Department for Business, Energy and Industrial Strategy said he was “willing to accept” the business Kobham offered to address the concerns.
In addition, Kuwashi will not make a decision until the consultation is over and the representative is considered.
On August 16, 2021, Cobham and Ultra officially announced a merger valuing the latter common stock capital at approximately £ 2.57 billion on a fully diluted basis.
This transaction involves Cobham acquiring all of Ultra’s outstanding equity capital.
Following the announcement of the merger, the Secretary of State issued a Notice of Public Interest Intervention on August 18, 2021.
The proposed transaction intervention was based on national security reasons.
In January of this year, the British Competitive Markets Authority (CMA) submitted a report to the Secretary of State in connection with the transaction.
The proposed acquisition will wait for public consultation until midnight on July 3, 2022. The process follows the procedure described in the 2002 Corporate Law.
The latest decision on the consultation is different from the consultation that discusses the economic implications of the proposed transaction.
The business secretary is responsible for making fair and impartial decisions from a quasi-judicial standpoint.
Cobham Ultra Acquisitions, a defense, aerospace and telecommunications company, has been acquired by a private equity firm in the United States. Advent International January 2020.
https://www.army-technology.com/news/cobhams-proposed-acquisition-of-ultra-electronics-awaits-consultation/ Cobham’s proposed acquisition of Ultra Electronics is awaiting talks