Dowty Group Lifts Bid For Ultra Electronics

PRESS RELEASE February 25th 1977

The Dowty Group Ltd. of Cheltenham, England, has raised its bid from $12.57 million to $14.3 million or from $3.315 a share to $3.58, to acquire Ultra Electronics Ltd.

An alternative to the cash offer is two shares of Dowty for each Ultra share.

Its competitor for Ultra, Racal Electronics Ltd., on Wednesday made bid of $12.63 million, or $3.15 a share, for the outstanding 4.01 million Ultra shares.

Dowty is a manufacturer of aircraft equipment, mining machines, hydraulic pumps, motors and electric and electronic equipment.

It reported assets of 827.8 million in 1975.

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