Safran, Zodiac Aerospace clip wings on deal to €7.3B
May 26, 2017
Aerospace and Defense | Plaisir, France | Corporate Acquisition
Safran (EPA: SAF) and Zodiac Aerospace (EPA: ZC) have announced new terms to the agreement reached in January after Zodiac reportedly issued a profit warning over difficulties encountered in its seats-building business. Safran has now agreed to pick up Zodiac for €25 per share, a 15% cut to its initial offer. The new terms also reflect the addition of a subsidiary exchange offer of preferred Safran shares at a ratio of 0.3 to 0.332 per Zodiac share, capped at 31.4% of Zodiac's outstanding stock. Safran's shares closed up 3% Thursday.