The bosses of Meggitt could reap more than £12 million from the sale of the company to US industrials giant Parker-Hannifin. The company became a takeover target on Monday when Parker tabled a £6.3 billion bid for the FTSE 250 firm.
The deal values its stock at 800p per share – a whopping 70 per cent more than it was worth before the approach – and the board has backed the deal.
If it goes through, chief executive Tony Wood could take away as much as £7.4 million from the sale of his stake in the company and his long-term share awards.
Meggitt traces its history back to 1850s and the invention of the altitude meter for the hot air balloon. It now has a 9,000-strong global workforce, including 2,000 in the UK, and makes parts for planes and military aircraft such as the Royal Air Force s Typhoon jets
Chiefs of UK defence giant Meggitt are set for a £12m deal windfall
dailymail.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailymail.co.uk Daily Mail and Mail on Sunday newspapers.
As Nigel Rudd flogs yet ANOTHER flagship business to a foreign firm, we chart his career history
thisismoney.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thisismoney.co.uk Daily Mail and Mail on Sunday newspapers.