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McKechnie subject to buy-out bid

The aerospace group is discussing a possible deal with Cinven.

McKechnie, the aerospace and specialist engineering group, is likely to pursue an acquisition strategy should it be taken private, reports the Financial Times.

The group's share price has taken a hit in recent months, after management reported flat operating profits to January 31.

They have staged a recent recovery, however, as investors became increasingly bullish about prospects for a takeover or buy-out of the group.

Cinven's bid could deliver investors a premium of up to 100p over yesterday's closing price for McKechnie shares.

The private equity firm has been tracking the group for almost a year, the FT report said.