COB.L - Cobham plc

LSE - LSE Delayed Price. Currency in GBp
160.50
-0.70 (-0.43%)
At close: 4:45PM BST
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Previous Close161.20
Open161.25
Bid160.50 x 0
Ask160.60 x 0
Day's Range160.35 - 161.30
52 Week Range96.38 - 171.20
Volume27,235,225
Avg. Volume9,887,163
Market Cap3.838B
Beta (3Y Monthly)0.70
PE Ratio (TTM)N/A
EPS (TTM)-1.90
Earnings DateN/A
Forward Dividend & Yield0.00 (0.25%)
Ex-Dividend Date2019-10-10
1y Target Est124.20
  • Financial Times

    Cobham’s £4bn takeover shows money can trump sovereignty

    When it comes to Brexit, the UK government appears to value control above any financial consideration. a £4bn takeover by US private equity group Advent — and ministers look equally content with a change of control if it also keeps delivering value for money. Investors evidently wanted some value for the £1bn they pumped in to Cobham in two separate rights issues, in 2016 and 2017.

  • U.S. bidder Advent wins £4 billion bid battle for U.K. defense group Cobham
    MarketWatch

    U.S. bidder Advent wins £4 billion bid battle for U.K. defense group Cobham

    Cobham became the latest British company to fall into foreign hands after U.S. buyout group Advent International clinched its £4 billion ($5 billion) takeover bid for the historic defence and aerospace supplier.

  • 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

    UPDATE 3-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 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.

  • Financial Times

    Cobham chief’s future in doubt as investors approve takeover

    The chief executive of Cobham said he did not expect to stay on at the British aerospace and defence company after shareholders voted strongly in favour of a £4bn takeover from a US private equity group. While he had not agreed his future with Advent International, David Lockwood said it was unlikely he would remain as chief executive given the new owner’s intentions to focus on the lucrative US defence market. Speaking after the shareholder vote that ended a bitter battle over Cobham’s future — with more than 93 per cent of votes cast in favour of the offer on a turnout of 78.5 per cent — Mr Lockwood insisted the 165p cash offer from Advent was “fair”.

  • Reuters

    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.

  • Cobham Holders Poised to Approve $5 Billion Advent Takeover
    Bloomberg

    Cobham Holders Poised to Approve $5 Billion Advent Takeover

    (Bloomberg) -- Cobham Plc shareholders are poised to approve Advent International’s proposed 4 billion-pound ($5 billion) takeover of the U.K. defense and aerospace company, people with knowledge of the matter said.The private equity firm has received acceptances from more than 75% of shareholders who have voted so far, the people said, asking not to be identified because the information is private. The preliminary tally is based on proxy votes sent in by the Sept. 12 deadline, according to the people.Advent won over Cobham shareholders after influential proxy advisory firms Institutional Shareholder Services Inc. and Glass Lewis & Co. recommended investors vote in favor of the deal. The takeover had faced opposition from some funds including Silchester International Investors LLP, which owns 12% of Cobham and said last month the company could fetch a higher price than what Advent was offering.The total percentage of shareholders in favor of the deal will only be known after a shareholder vote Sept. 16. Most major fund managers send in their votes ahead of time by proxy, though the formal shareholder meeting will also take into account individual investors who cast their votes in person.Representatives for Advent and Cobham declined to comment.Shares of Cobham rose 2.2% to 159.75 pence at the close Friday in London. That is 3.2% below Advent’s offer of 165 pence per share in cash. The transaction requires regulatory approvals in the U.S., the European Union, U.K., Australia, France and Finland, Advent said in July when the deal was announced. The private equity firm expects to close the acquisition by the end of the year.Cobham traces its roots to the 1930s and has about 11,500 employees globally. The firm makes in-flight refueling systems, communications gear and specialized equipment for aircraft and ships. Customers include Airbus and Boeing Co.To contact the reporters on this story: David Hellier in London at dhellier@bloomberg.net;Sarah Syed in London at ssyed35@bloomberg.net;Dinesh Nair in London at dnair5@bloomberg.netTo contact the editors responsible for this story: Aaron Kirchfeld at akirchfeld@bloomberg.net, Ben Scent, Amy ThomsonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Financial Times

    Advent International is poised to win over Cobham investors

    Advent International is poised to win its £4bn takeover of Cobham after the US private equity group received support from more than 75 per cent of shareholders. The tally is based on the number of proxy votes already cast ahead of a crucial shareholder vote on Monday, according to people familiar with the situation. Advent and Cobham declined to comment on Friday.

  • Financial Times

    Cobham shareholder to vote against £4bn takeover

    A leading shareholder in UK aerospace company Cobham has come out against the planned £4bn takeover by a US private equity group a week before investors vote on the deal. “We have privately communicated our position to the board along with our desire to see the current management team continue their good work in the event a better offer does not materialise,” the asset manager wrote in a letter addressed to Cobham’s founding family, which has urged shareholders to vote against the takeover. Investors have been hoping a rival bidder will emerge amid concern that the 165p all-cash offer for Cobham, which is best known for its pioneering air-to-air refuelling technology, undervalues a company whose performance has been improving.

  • Financial Times

    Cobham family steps up fight to block takeover of aerospace group

    The family of the founder of Cobham, the aerospace and defence group, has taken its fight to block a £4bn takeover by private equity group Advent International direct to investors, urging them to vote against the deal later this month. Nadine Cobham, whose late husband Michael Cobham ran the company and was the son of the founder Alan Cobham, has written to the top 15 investors arguing the offer “significantly undervalues the turnround of a recapitalised business”. Shareholders in the FTSE 250 group have until September 16 to decide on the 165p all-cash offer that has been recommended by Cobham’s board.

  • Financial Times

    Cobham should have worked harder to avoid Advent’s talons

    Advent is supposed to herald the arrival of a saviour. US private equity group Advent International is more of a bird of prey. Earlier this summer it alighted on Cobham, bidding £4bn for the UK avionics group, which Cobham’s board is recommending.

  • Cobham Advanced Electronic Solutions to Support Astranis in Mission to Bring Widespread Internet Connectivity to Alaska
    Business Wire

    Cobham Advanced Electronic Solutions to Support Astranis in Mission to Bring Widespread Internet Connectivity to Alaska

    -Astranis Geostationary Satellite to Feature Cobham LeanREL™ Electronics

  • Hong Kong Billionaire Bets on a Brexit Certainty
    Bloomberg

    Hong Kong Billionaire Bets on a Brexit Certainty

    (Bloomberg Opinion) -- The 2.7 billion-pound ($3.3 billion) offer for Greene King Plc from an investment group backed by Hong Kong billionaire Li Ka-shing is a sign one thing is certain whatever the outcome of Brexit: Brits will keep drinking beer and eating pies.Greene King isn’t an international business pretending to be a U.K. company like Arm Holdings Plc, Inmarsat Plc, Cobham Plc or even Merlin Entertainments Plc – all of which generate most of their revenue from overseas and have received takeover offers since the referendum in 2016. The pub chain’s revenue is 100% in pounds.Yet its attractions are plain to see. The U.K. pubs industry has shed capacity in recent years. The survivors have adapted by offering food and making pubs more family friendly. Contrast that with the casual dining industry, where pizza chains in particular have proliferated and poisoned returns. Greene King owns most of its 2,700 sites. That will provide some comfort to CK Asset Holdings Ltd., which is more accustomed to investing in solid U.K. rail, water and real estate assets.The timing is telling. Greene King was more affordable last year when its shares hit their lowest since 2011. But back then its board might have been less amenable to a deal. Since then, the pound has continued to slide.CK’s offer, pitched at a 51% premium to where the stock was trading just before the bid, gives investors a price they haven’t seen since the Brexit vote at a time when U.K. stocks are deeply unpopular with international money managers. That high top-up may assuage fears management rushed to back a deal that is likely to see them stay in their posts.It may seem like a small, bullish sign for U.K. equities. The reality, though, is there are few companies that share Greene King’s characteristics.To contact the author of this story: Chris Hughes at chughes89@bloomberg.netTo contact the editor responsible for this story: Edward Evans at eevans3@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.

  • Thomson Reuters StreetEvents

    Edited Transcript of COB.L earnings conference call or presentation 25-Jul-19 8:00am GMT

    Half Year 2019 Cobham PLC Earnings Call

  • Reuters

    PRESS DIGEST- British Business - July 26

    The following are the top stories on the business pages of British newspapers. - Cobham Plc, the British aerospace group, has accepted a 4 billion pound($4.98 billion) takeover bid from Advent International, an American buyout specialist. - UK's Goco Group Plc announced on Thursday it had bought This Is The Big Deal Ltd, owner of Look After My Bills, for 8.5 million pounds, including 6 million pounds in cash up front and a further 2.5 million pounds in a year's time.

  • Cobham plc (LON:COB): Poised For Long Term Success?
    Simply Wall St.

    Cobham plc (LON:COB): Poised For Long Term Success?

    Based on Cobham plc's (LON:COB) earnings update in December 2018, analyst consensus outlook appear cautiously...

  • Is This Private Equity's Perfect Boris-Trump Play?
    Bloomberg

    Is This Private Equity's Perfect Boris-Trump Play?

    (Bloomberg Opinion) -- U.K. investors are down on the country’s defense sector, but the U.S. buyout industry takes a very different view. Thursday brought a 4 billion-pound ($5 billion) offer for British aerospace group Cobham Plc.The bid from Advent International exploits both the weakness of the pound and a willingness among shareholders in downtrodden London-listed companies to take cash from private equity rather than hang on for a recovery – yet again.Cobham, whose technology is used in mid-air refueling and battlefield communication, has been hobbled by the debt it took on to fund some ill-judged acquisitions. Before today’s news, the shares had fallen more than 50% since the middle of 2015. CEO David Lockwood joined from Laird Plc just over two years ago. His predecessors had tried to repair the balance sheet with a stock offering. But Lockwood launched another, cut net debt to zero, and embarked on a turnaround. For all his efforts, the shares have languished.The weakness of sterling – thanks to Brexit – has helped to make Cobham a much more affordable target. A little more than four years ago, its enterprise value was as much as $9 billion.The 165 pence-a-share offer is 34% more the stock’s closing price on Wednesday and 50% above the three-month average. It values the group at 13 times expected Ebitda, a valuation not touched since 2017.Rejecting a bid at this level would require the company to produce a standalone strategy with a reasonable chance of returning the stock to the same price that Advent is offering. In this industry, that would be tricky: It would rely on predicting armed conflict and U.S. defense spending.What, though, could Advent do differently? Even if it took leverage back to its past highs, debt would still constitute less than half the purchase price. The firm will need to rely on more than financial engineering to make a return.The obvious trick would be to turn Cobham into a U.S. company, allowing it to manage its operations there more closely and giving it some advantage in bidding for contracts in Washington. It would be difficult, though, to make this move as a public company: Many shareholders will be constrained by their mandates to own U.K. stocks. A takeover is a clean way of doing it while giving investors an immediate benefit.The regulatory risks look manageable. The deal will require U.K. government approval. But it is likely that new Prime Minister Boris Johnson will want to show Britain is a market that is open to foreign investors. Hence Cobham shares are trading just above the offer price, a sign investors see a high chance of the deal succeeding.It’s hard to see how Cobham’s board could have concluded that shareholders would be better off rejecting the bid. In Britain especially, private money is willing to pay higher prices than public market investors are willing to pay. The trend has further to run. For this buyer, though, it looks like a neat way to play both Boris Johnson and Donald Trump.To contact the author of this story: Chris Hughes at chughes89@bloomberg.netTo contact the editor responsible for this story: Edward Evans at eevans3@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.