Laird rockets on Advent cash offer

Laird has received a £1bn cash offer from private equity group Advent International.

Advent has offered 200p in cash for each Laird share, 72% higher than the closing price overnight and a 53% to the average price over the past three months.

Laird's directors intend to unanimously recommend shareholders vote in favour of the deal.

Tony Quinlan, chief executive of Laird, said the cash offer "represents good value and certainty for shareholders".

"Laird's history goes back almost 200 years and the business has evolved over that time into the global engineering company of today. I believe for its next chapter, Laird will benefit from private ownership as it further strengthens its business model and looks to the future."

Laird's share price had fallen by more than quarter since October's third-quarter trading update, with investors worried about end volume demand and margin pressures from a key customer - which is assumed to be Apple - and foreign exchange exposure amid a weakening dollar.