Lady Cobham snubs talks with US suitor
THE widow leading the campaign against the proposed takeover of Cobham is refusing to meet the US private equity firm behind the £4bn bid.
Lady Cobham, who was married to former boss Sir Michael Cobham, the son of founder Sir Alan Cobham, warned that Advent International ‘will never be a long-term strategic owner’ of the defence group.
And the 76-year- old ( pictured) said meeting Advent bosses ‘ is highly unlikely to change my view’.
She has spurned an offer to talk, telling the Mail: ‘Advent will be looking to profit by selling the business on, either as a whole or in parts, which is why the UK government needs to urgently review this transaction.’
She has slammed Advent’s 165p-a- share bid, announced in July, as being cut-price and posing a threat to high-tech jobs and national security.
Her supporters include former navy chief Admiral Lord West, former Liberal Democrat leader Vince Cable, Tory grandee Michael Heseltine and ex-Cobham boss gordon Page.
They argue the government needs to determine if it presents a threat to national security, or would prevent Cobham working on UK defence projects in future if it is owned by a US company.
Advent said: ‘We have offered to meet to address her concerns, but she has declined.’
Business Secretary Andrea Leadsom, who could block the takeover, has met representatives from Advent and Cobham.
But she has stopped short of saying she will investigate on national security grounds.
Foreign takeovers can only be blocked if they pose a threat to national security, media plurality or financial stability. Advent needs the support of 75pc of votes cast at a meeting on Monday for the deal to go ahead.
It has pledged to invest more in the firm, keep the headquarters in Dorset and only cut 1pc of its 10,000-strong workforce.
So far, investors holding just over 5pc of shares say they will vote for the deal, while proxy advisers ISS and glass Lewis have urged investors to back it. The Cobham family, which owns around 1.5pc of shares, opposes the deal and a 2.4pc investor, Sanderson, said it is ‘inclined’ to vote it down.
Advent’s offer price was 50pc higher than Cobham’s average share price for the three months in the run-up to the proposal.
Last night Cobham’s stock rose 1.2pc, or 1.9p, to 158.5p.