Fairchild gets takeover bid from British company

February 12, 1991|By Ted Shelsby

Fairchild Corp. in Chantilly, Va., announced yesterday it has received an unsolicited takeover offer from Mountleigh Group PLC to purchase all of the company's Class A and B common share for $10.25 a share in cash and $4 a share in preferred stock either issued or guaranteed by the London-based company.

Fairchild, a leading supplier of aerospace and industrial products, said terms of the preferred stock acquisition were not provided.

The proposal is subject to a mutually acceptable merger agreement, and the proposed terms might be improved slightly, Fairchild said.

Deborah M. Tucker, vice president of communication for Fairchild, said the company was reviewing the offer but has made no decision to accept, reject or seek to improve the offer.

Fairchild was once called Banner Industries Inc. Banner, which was based in New York, acquired Fairchild Industries Inc. in 1989 and quickly sold most of Fairchild's operations in Maryland to Matra Aerospace Inc., an Arlington, Va.,-based subsidiary of Matra SA, a French aerospace company.

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