Textron believes purported tender offer from Xcalibur is ‘fictitious’

/ / News

Textron Inc. said Monday that it believes a “purported tender offer” by Xcalibur Aerospace Ltd. to buy its common stock is “fictitious” and is being made in violation of U.S. securities laws. The aerospace and defense company’s stock soared 10.2% toward a nine-month high in afternoon trading, after resuming trading following an intraday halt for news. The stock was up 10.7% prior to the halt. Textron said that in the past two years, it has received other purported indications of interest from Xcalibur, “and each time Xcalibur has been unable to provide details of its financial wherewithal.” Textron said it has informed relevant authorities of this most recent fictitious offer. “We urge investors to carefully scrutinize any communications from the purported offeror and to rely only on tender offer materials, if any, that are properly filed with the U.S. Securities and Exchange Commission,” Textron said in a statement. “Unless and until a valid tender offer is made, Textron does not expect to comment further regarding the actions of the purported offeror.” Textron’s stock has shed 4.1% year to date, while the S&P 500 has gained 12.0%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.