LONDON (ShareCast) - (Sharecast News) - Senior shares tumbled on Tuesday after the engineering solutions provider rejected a £738m takeover proposal from US private equity firm Lone Star.
The company said on Friday that it had received a preliminary conditional proposal from Lone Star on 20 May regarding a possible cash offer at 176p a share. This was the third unsolicited proposal received from the PE firm.

"The board of Senior considered the proposal, together with its advisers, and concluded that it fundamentally undervalued Senior and its future prospects," it said.

"There can be no certainty that an offer will be made," Senior said, adding that a further announcement would be made when appropriate.

At 1550 BST, Senior shares were down 8.7% at 145.10p.

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