Report: Middle East consortium to bid on Textron

04/10/2009 | Reuters

Shares of Cessna parent Textron jumped nearly 50% on Thursday following Kuwaiti newspaper reports that a consortium of Middle Eastern companies planned to offer $21 a share for the company. "Compared with earlier press speculation that has focused on large defense contractors as potential acquirers of Textron, the interest from a Middle East consortium would appear to make more sense," one analyst noted. A week of takeover rumors has spurred an 80% increase in shares of Textron, which also makes Bell helicopters and armored vehicles for the military.

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