Cobham renews its £270m bid for satellite maker

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The Independent Online

The incoming chairman of Thrane & Thrane pledged to keep "a very open mind" after Britain's Cobham renewed its £270m bid for the Danish satellite maker less than a month after the lack of a board recommendation prompted its withdrawal.

Cobham said it had reconsidered the offer, which its Danish target failed to recommend pending the outcome of a broader "strategic review" of the business, following the resignation of Thrane's chairman a fortnight ago.

As was the case last time, Cobham is seeking a board recommendation before making a formal offer.

Waldemar Schmidt resigned as chairman over disagreements with his fellow board members about the direction of the company and has been replaced by long-time board member Morten Eldrup-Jorgensen.

Mr Eldrup-Jorgensen said: "We will be considering the offer with a very open mind," although he added that Thrane & Thrane would still need to consider any bid from Cobham alongside other options thrown up by its strategic review, which is due to be completed by 14 May.

In addition to a change of chairman, Cobham's return to the negotiating table was spurred by interest in a deal from some of the Danish satellite and equipment maker's institutional investors.

This has enabled it to snap up 22.74 per cent of the company from shareholders such as Jupiter Asset Management, taking its stake in Thrane to 25.59 per cent.

"Cobham continues to seek to work with the board of Thrane & Thrane to achieve a recommendation for this offer," a Cobham spokesman said.

Cobham added that it would not increase its offer – which at 420 Danish krone (£46) a share represents a 43 per cent premium to the closing price on 24 February, the day before its approach was announced – unless Thrane received a rival offer.

Cobham's shares fell by 0.9p, or 0.39 per cent, to end the day at 229.10p.