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UPDATE 1-TransDigm bows out of $8 billion takeover battle for UK's Meggitt

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(Adds details on offer, background)

Sept 7 (Reuters) - U.S.-based defence firm TransDigm Group Inc said on Tuesday it would not make a counter offer for British rival Meggitt, backing out of an over $8 billion takeover battle with Parker-Hannifin.

Meggitt shares, which have rallied in recent weeks in expectation of a bidding war, were down 12% at 737.4 pence after the news.

Meggitt, which supplies wheels and brakes for aeroplanes, agreed a 800-pence-a-share cash offer from U.S.-based engineer Parker-Hannifin in early August, valuing it at about 6.3 billion pounds. Days later, TransDigm approached Meggitt with a possible offer of 900 pence apiece.

TransDigm said it could not conclude its offer based on the "quite limited" due diligence information that was made available to it and the resulting uncertainties. (Reporting by Yadarisa Shabong in Bengaluru; Editing by Anil D'Silva)