Chemring takeover deadline extended

Chemring has said US private equity firm Carlyle has been granted another extension to the 'put up or shut up' deadline to hammer out an offer for the defence equipment maker.

The UK Takeover Panel has extended until November 9th the deadline for Carlyle to table a firm bid for Chemring or walk away. The deadline was to expire on Friday.

Chemring, which makes umerous military devices such as flares, equipment to detect improvised explosive devices and mechanisms used in ejection seats, said on August 17th that it had received a highly preliminary expression of interest from Carlyle.

Sharecast reported previously that its biggest investor, Invesco, which controls nearly 30% of Chemring's shares, is understood to have given tacit support for a bid from Carlyle, the American buy-out giant. The fund manager's backing raises the possibility that Britain could lose another large defence group to foreign investors.

CM