Advent takeover deal for Cobham backed by most shareholders: FT

(Reuters) - U.S. private equity firm Advent International is set to clinch its 4 billion pound ($4.99 billion) takeover of defense and aerospace group Cobham Plc COB.L after Advent received support from more than 75% of shareholders, the Financial Times reported on Friday.

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 defense and aerospace group known for its pioneering air-to-air refueling 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.

The acquisition requires 75% shareholder approval. Cobham said that shareholder Artemis Investment Management, which holds a 5.13% stake, would back the deal, which Cobham’s directors recommended unanimously.

The biggest investor in Cobham, Silchester International Investors, said in July that it did not consider Advent’s offer “compelling”.

Advent said it had no comment on the report, while Cobham did not immediately respond to a request for comment.

Reporting by Aakriti Bhalla in Bengaluru; Editing by Rosalba O’Brien and Daniel Wallis