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ISS backs Advent's takeover of UK defense supplier Cobham

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ISS backs Advent's takeover of UK defense supplier Cobham

Proxy advisory firm Institutional Shareholder Services Inc., or ISS, expressed support for the planned acquisition of U.K. defense supplier Cobham PLC by private equity firm Advent International Corp. in a £4 billion all-cash deal, Private Equity News reported.

ISS said Advent's buyout offer of 165 pence per share is at a "reasonable premium," and urged Cobham shareholders to vote in favor of the transaction, according to the report.

Conversely, Cobham's largest shareholder Silchester International Investors LLP, which owns a 12% stake in the business, reportedly called on the company's board to look for other potential buyers as the deal with Advent was not compelling.

The report noted that asset manager Artemis Investment Management plans to vote in favor of the transaction, which needs to obtain a 75% shareholder acceptance rate.

In August, it was reported that Nadine Cobham, the daughter-in-law of company founder Alan Cobham, has written to the U.K. government to intervene on the deal.