Babcock's rights issue for Avincis takeover lands safely

helicopter right size
By Nina Flitman
07 May 2014

UK engineering support firm Babcock this week completed a £1.1bn rights issue that will finance its takeover of helicopter firm Avincis, with investors taking up to 96.62% of the new shares in the deal.

The capital raise, led and underwritten by Barclays, HSBC, Jefferies and JP Morgan, had been open since late March. Five new ordinary shares had been offered for every 13 existing ordinary shares at 790p each, a 34.5% discount to the theoretical ex-rights price.

The remaining 4.7m new shares ...

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