(In March 27 story, corrects paragraph 1 to say Element
Materials is a UK-based firm, not Dutch)
March 27 British materials testing company Exova
Group said on Monday it had received proposals for a
possible cash offer, including one from UK-based Element
Exova's shares rose 14 percent to 254.28 pence in morning
trading on the London Stock Exchange, hitting a near three-year
The Edinburgh-based company, whose laboratories test the
safety and performance of products used in industries ranging
from aerospace to pharmaceuticals, said private equity fund PAI
Partners, and Jacobs Holding AG, a Swiss investment firm, had
also made similar proposals.
"There can be no certainty that any firm offer will be made
by any of the possible offerors," Exova said in a statement.
Exova, which counts Boeing, Airbus Group and
Siemens among its customers, said the parties have
until April 24 to make a firm offer for the company.
Goldman Sachs is advising Exova on the sale process.
The controlling shareholder, Clayton Dubilier & Rice LLC
(CD&R), is poised to put up Exova for sale, the Sunday Times
reported last week. bit.ly/2nDZqM2
Exova, which listed its shares in 2014, has struggled with
the sharp decline in commodity prices in the recent years, and
warned in August that Britain's vote to leave the European Union
had made the company more cautious about investing in its home
(Reporting by Rahul B in Bengaluru; Editing by Amrutha