Notice

Proposed acquisition of Cobham PLC by AI Convoy Bidco Limited: Deed of covenant and undertaking

Notice relating to proposed acquisition of Cobham PLC by AI Convoy Bidco Limited

• From: Cabinet Office, Department for Business, Energy & Industrial Strategy and The Rt Hon Andrea Leadsom
• Published: 20 December 2019

This was published under the 2019 to 2022 Johnson Conservative government

Documents

Proposed acquisition of Cobham PLC by AI Convoy Bidco Limited: Deed of covenant and undertaking

PDF, 250 KB, 16 pages

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Recommended cash acquisition of Cobham PLC by AI Convoy Bidco Limited

PDF, 226 KB, 6 pages

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Details

Separate to the public interest intervention and the mitigation of national security concerns, the discussions about the economic implications with the parties have concluded. The parties have made post-offer undertakings to the Takeover Panel to:

• maintain Cobham’s headquarters in the UK for each of its each of its Communications & Connectivity, Aviation Services UK and Missions Systems UK businesses
• continue the use of Cobham as a registered name in the UK
• ringfence the level of research and development spend in the UK

The parties have made a further legally binding commitment to the Business Secretary to significantly protect jobs.

Published 20 December 2019